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I don't get it, If the Euro is so wonderful, why do members keep begging the IMF for bail outs?
Greece and Portugal are in the toilet, Ireland is hanging on the rim, Spain is about to fall in, and Italy, France, Holland and Belgium are looking into the abyss.
The first three have been bailed out by the IMF and ECB - no sign of Germany helping - Spain are on the verge of asking the IMF for a bail out, the USA have refused more money for the IMF to bail out the Euro, Osborne looks as if he will by-pass Parliament and agree a £10 billion loan to the IMF to bail out the Euro, and Spain needs hundreds of billions - not to mention more for Italy and France.
Yet, still people say the Euro is wonderful, the Euro is strong.
If the idiot Hollande gets elected in France, the borrowing of the French govt will soar and they will soon be begging the IMF for a bail out. If the Greek elections go the way of the polls, then Greece could be out of the Euro by September, the Irish govt is struggling to keep the people onside, Spain is facing internal dissent not seen since the 1930s, Portugal, well, Portugal, who knows?
Yet still some people say the Euro is strong the Euro will continue.
I just don't get it.
Am I missing something?
Your thoughts would be appreciated.
Lopes:
Never presume, it makes all your arguments look suspect because your assumptions may be wrong.
The problems with the Euro is debt, debt and debt, bureaucracy, bureaucracy and bureaucracy, and Germany, Germany and Germany.
The US may well face another crisis, BUT my question is about the Euro.
The ECB has been 'printing money' in the form of unbacked 'loans at 1% interest' to most of the Euro Zone Banks, which they then lend to Italy, Greece, Portugal, Ireland, Spain, France and Netherlands at rates between 4% and 10%. Thus making the banks more profitable, but doing nothing to alleviate the structural weakness of the Euro.
Holland is the alternate name for The Netherlands, Hollande is the idiot who will ruin France and destroy the Euro. But, I can see that your heart is in the right place.
David H:
So sorry, BUT the only nation that qualified for the Euro under its original rules was the UK. France and Germany did not qualify, so the EU fixed the rules to allow Germany in and this allowed some others to join and yet others to fiddle and weasel their way in.
Worse than you thought? Other than that, you seem to be on the ball.
6 Answers
- David HLv 79 years agoFavorite Answer
Most people living in the 'real world' have known for years the EU/Euro was/is a dead duck.!!!
Its only these moronic politicians 'obsession' for a United States of Europe keeps it going at the taxpayers expense....costing 'trillions' (when all added up since 1974).
These 'failed countries' were 'failed countries' when they were allowed to join....there financial accounts 'accepted' at face value - with little or no investigation as too there 'true' financial viability (all being falsified).
These EU/Euro countries 'all seeing' the gravy train of millions+ - which turned into 'billions+'....standing in the EU/Euro gravy train sidings in Brussels - just waiting to be distributed among them all.
Not one country - apart from the UK/Germany/France (the 3 amigo countires) was 'financially solvent' - all these others saw 'their chance' of ending their financial debt at the expense of these 3 amigo funding countries - and the dream these (bankrupt countries) saw - was their financial salvation....forever - as is happening now - unless this EU/Euro fiasco is 'dumped'....and right now.!!
The strength of the euro is 'only printed money' its a false positive....it has no value as we'll all find out when it finally collapses into the abyss.
All your posted examples are the failings of 'every single' euro country (as above) they 'not wanting' to understand too make the EU/Euro work 'every single' country had too 'pay its way'....something that never ever happend....thats why the collapse has happened - those not 'yet declaring' bankruptcy are only a short period of time away - they all 'hiding' their true financial status.
All these euro countries have failed because of the 'non/minimum collection of taxes' - the lifeline for any countries survival.....and once in the EU/Euro they have 'all' sponged off the 3 amigo funding countries and the IMF.....every single one of them - well now the EU/Euro gravy train has ground to a halt.... because the amount of bailout mones has/is drying up - it was just a matter of time.
When these financial markets have 'drained every single' advantage they can from the EU/Euro they will move on and attack another financial market - leaving a trail of destructed countries who all thought 'they' had found their 'immpossible financial dream' for their futures.....no matter they 'all' decived/lied/corrupted they way into the EU/Euro system in the first place.
The UK/France/Germany are only seen by these other countries as 'cash cows' propping up this corrupt communistic EU/Euro regime - the UK being forced to contribute via the IMF....equalling 'billions' of 'our' taxpayers monies + the 'daily payment of 47 million £ per day!!
The above is the true story of the....decline and fall of the EU/Euro empire - it was never ever going to end any other way.!!
This answer is a bit long....but there you go.!!
- Anonymous9 years ago
Like most modern absurdities it is an unshakeable ideology which must be retained at all costs by the Captain Mainwarings of France and Germany. I long for the return of common sense and just hope I'm still alive to see it. I believe it is a forlorn hope though.
- LopesLv 49 years ago
I presume you are from America.
First, the EURO currency is strong. In fact, too strong, so it is hurting exports. The problem is not the currency.
Second, if you look at stats from ANY source, most European countries have much better quality of life, health, lower crime, etc than America. Europe has surpassed USA in most stats since WW2.
Third, do you really think America is not going to have a MAJOR crisis in the next 4 years? Your debt figures are the same as Portugal! Same debt as % of GDP! What is saving America is that it is too big to fall! And you control the rating agencies.
Want a quick fix for the crisis? The ECB prints Euros, the Euro is defaced related to the american, chinese and English currencies. That boost exports and reduces imports. Then it uses that money to lend to troubled countries at pre-crisis rates. Why hasn't this been done yet? Because Germany is profiting from the current crisis!
And you're right, Holland is an idiot.
- Anonymous9 years ago
Well look at it like this, it can't be all that bad if up an till now people keep throwing money at it and its members to keep it afloat.
And that's the illusion.
I think the Euro and its member's run on a simple premise, that if its too big to fail, its too big to fail, the problem with that though is that the Euro isn't, and that it will, eventually when the time is right.
You cannot borrow today to pay off yesterdays debts, it doesn't work that way it never has and it never will, because all your end up with is even more debt.
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- Anonymous9 years ago
As you so rightly say the Euro is a mess and it will get worse -- Spain, Italy and Portugal.Fortunately the UK never joined the Euro. One of the reasons given , amongst many others , was that it not include a common fund which could be used if a member faced financial problems. If that fund had existed the Greece problem would have been resolved in five minutes.And we would have avoided the Sarkozy/Merkel comedy show.I wonder if they realised how stupid they looked ?But we now do know that it is a club run by Germany and France. We suspected that but now we know !
Source(s): Follow the Euro with bemusement ! - andianLv 49 years ago
We need ndependent 'government' banking system/s to take control
(there was a valid British Post Office Girobank , later 'privatized' ) ,
and stuff the corrupt gambling banksters bailouts , THEY can go broke.