Reality Check in the Eurozone
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  • John

    I agree but there is a lot more wrong with this deal than suggested. Where is the 1 Trillion? They don’t have it and have to beg China etc. to get it. What about the Billions spent on CDSs? Sound familiar, borrowing more to cover debt? Not a single pvt bank has accepted the deal and by the way, no hair cut (head cut) for IMF loans! Your last paragraph suggests Europe will eventually move past this. Well yes, maybe post WW III! How can they move past this? The US is next and quickly. This is the capitalist equation coming to fruition. Growth growth growth with exponential population growth and dwindling finite resources? How on earth can anyone imagine or not realise that this bubble is going to burst in a big way. I have begin to realise most humans are in fact ostriches. Recent estimates suggest that around 6 Billion people on this planet only exist because of fossil fuel. Oil in a word pervades every aspect of our lives. Oil, food, arable land, fertiliser etc. etc. all running out fast. This so called “crisis” will be laughable in the future compared to what is coming. This is just the first red flag.

  • Mrs. Davis

    The problem is much more the deficits than the debt. If the deficits were ended, by abandoning the blue model, the debts would easily be taken care of. As long as the deficits remain or grow, the debts will grow. Until the creditors stop lending. Then the deficits will end. Rapidly. Painfully. That’s what it will take to get people to kick the blue habit. Worse than cigarettes.

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