European Union finance ministers pledged to stiffen sanctions on high-deficit countries and ruled out setting up a mechanism to manage state defaults, saying no euro country will be allowed to renege on its debts, reports Bloomberg.
“We will provide new sanctions, more than is now provided,” EU President Herman Van Rompuy said after the four- hour brainstorming session in Brussels yesterday. “Everyone is ready to go ahead with a strong stability and growth pact.”
Like the rest of the plans this won't work. The PIIGS citizens see these sanctions, correctly, as the banksters squeezing the life blood out of them.
What really needs to occur is the exact opposite. Those countries that can't pay their bills need to go into bankruptcy. Each country should also revert back to their own currencies and each should manage their own affiars. The great one world unions are a failure. The patch jobs will only delay the inevitable collapse and make it worse.
The Bible says, "Do not intermingle your money". Seems like good advice that was not observed, in light of this fiasco ...
ReplyDeletePatch jobs can last for decades or more. Just look at California or any of the states now borrowing from the FED to fund unemployment. The EU is stumbling toward a true federal system because the EU members see it as an easy way out.
ReplyDeleteThis looks like a setup to either force out Greece and the PIIGS from the Euro, or the ECB printprintprintprntprntprtprtprprprprppppppppppprinting Europe's way out of this mess.
ReplyDeleteLooks like they're taking a page from the Fed, and they're gonna print. Or mebbe BOTH.
PIIGS??????????????????
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