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Friday, 18 May 2012


There is still, justifiably, a great deal of anxiety about the EURO, but is the problem still Greece ?

Greece has been bailed-out twice, banks have been recapitalized for the losses they incurred and severe budgetary conditions have been imposed on the country by the "EUROZONE".  France and Germany in particular have booked heavy losses !!!  

If the EU initially, and later the EUROZONE, had let Greece go bankrupt, Greek politicians would have had to sort out their own financial mess straight away !!!  It would have cost the EU and the EUROZONE taxpayers a lot less !!!

The first fault was that Greece produced false accounts to join the EURO:  the second fault was that no one checked the accounts !!!  The Elders of the EU at the time were asleep !!!

The third fault was to try to save Greece from Bankruptcy at all costs !!!  Why ?  

This is all history now.  What everyone must now do is to avoid repeating these same errors or faults !!! 

On the horizon we have the problems of Italy and Spain !!! The size of the financial costs to save either of these countries, in the same way as Greece, really could sink the EURO, the EUROZONE, and its taxpayers !!!  

Sarkozy has been voted out as French President; the new President, Fran├žois Hollande has different ideas on the EURO crisis !!!  However, Angela Merkel has repeated that certain matters are not up "for renegotiation" !!!

That in fact, is the EURO problem !!!  Merkel, Italy and Spain !!!  Other countries could still follow !!!