One of the many things gone wrong in Spain was a disastrous "green energy" attempt that squandered a lot of money and didn't create jobs. Of course, that won't stop many in the U.S. from believing in the green energy fairy tale.
Dam straight the crown had it correct from the begining. It was a nothing more than a last attempt to unifiy the EU nantions at the expense of all the smaller nation states. Under the guise of a common currency the true nature of the Euro dollar is showing it face. The same old families in Europe fighting for power and supremacy. The Chinese are still not ready to put money on the table because the EU leaders will be non compliant and still have protectionist measures in place. If the EU gets some outside money they will most likely transfer it over to the masses to aviod more social disruption so they can exit the problem. Arrogant leadership that still believes it is on top of the world. China is the new world power that just how it is. Still waiting for a Wal-Mart in Berlin, Akuma Buy Gold!!
European Union will break up, leading countries to re-sstructure debt, finances, currencies and other priorities according to their individual needs (which are substantially different). A whole generation of parasitic and worthless structures will be wiped out together with a massive number of politicians and eurocrats. European corporations will begin re-focusing on QUALITY anf efficiency. Piles of regulations as tall as the Eiffel tower will be burnt in the streets (or more simply diregarded). Europeans will suffer a 10 year period of economic and social distress). Countries will flourish again, depending on how many lessons they have learnt and how quickly they will CHANGE.
ONLY if something can be done about the high number of parasitic tit-suckers. (The standard of living improved significantly for the survivors of Europe's great plague.) There are too many people on the planet who want (and who think they deserve) a middle-class type of life style. Unfortunately, there are not enough middle-class pay jobs to go around. And all the pissn'-n-moanin', whinin'-n-cryin', demonstratin'-n-occupyin' ain't gonna change that. Shoot, there many not even be enough minimum-wage jobs so that all the wannabes can have one of those. (The miracle of "productivity", low-labor cost countries, illegal immigrants to the US and all.)
Sad, but true. I am astounded at the attitude here in Italy, where a bunch of ppl want "guaranteed jobs" with, of course, "guaranteed min. wage" 'cause they believe they're entitled to it. Their mantra is: "I don't have a job, can 't find one, can 't/don't want to open a shop, so you MUST help me!" And then, they wonder why other nations won't buy our debt anymore! I'm so sick of it...
I absolutely agree, the EU is a sick institution. Where I am, huge number of people depend on all sorts of EU project funding - as long as it's properly formatted, they will get the money for it. Naturally these "projects" have little to no meaning and are just ways to pump money out of the system. This is how the EU works and always has. Greeks were just plain lazy, despicable human beings. But the "Greek attitude" has spread all across (mostly) southern EU and it's become the standard. The ones benefiting are the huge exporters (e.g. Siemens) and the ones who know the EU project system and how to milk it, the rest just get higher and higher taxes to keep those two leeches alive. But the EU is diverse and to say the same things about Finland, Sweden or Denmark would be foolish. Those countries have a dynamic economy and would just be better off creating a Scandinavian Union, as it has existed before. While in many ways the US is worse, at least their "subsidy" sector is smaller and people are expected to do some real work. EU is controlled by the old families who protect their interest and have incredible power in the EU, a well oiled corruption machine.
So, a simple question for all. Why do Global Companies, Institutions, Central Banks, Private Banks, Think Tanks, Hedge Funds, Trade Unions and ALL political parties think that EUR and EU have to be saved or else catastrophe will be upon us? My opinion: they ONLY profit from tit sucking. If the cow dies, they're all dead.
Because it will collapse the banking system.How the fuck can even the most productive investments survive that. It has a lot more to do with trade imbalances and the people who set up a structure to allow a serial defaulter open access to mega cheap credit..how can you blame or be angry at the greeks.
So what? That's part of free market capitalism. Who are you going to blame after they have destroyed any currency residual buying power? How long are we going to protect a system that fails?
I don't fucking know, " so what " depends on how much you have to lose, you asked, there's your answer.