Every family, every household, every businessman knows that if you overspend, or if you lose control of your spending, the time will come when creditors want repayment !!! The next step is bankruptcy or liquidation, and that hurts !!!
Bailing out EU countries with billions of EUROS to save the face of the EURO, the EU, or leading European politicians, has no sense or logic !!! Billions of EUROS have been loaned to GREECE and PORTUGAL on favourable credit terms, but their urgent current problems and social upheavals do not inspire the confidence EU taxpayers in any way !!!
Mr. Barroso is the head of the European Commission, but unfortunately a portuguese national. He would not be the best person to front a discussion or to explain simply the reasons why the EU and the IMF want to continue to support bankrupt EU countries !!!
There is a good old English expression. Never throw good money after bad !!!
There is also the lesson we all have whitnessed several times in South America. When a currency can no longer defend itself, it devalues The new Peso and others, start a new life !!!. In South America and other countries, the better off save money buying US dollars or Sterling to hide under their beds !!!
The EU with its EURO is not one country. It does not dare to let a EURO country become bankrupt, hence all the loans !!! However, it would be cheaper and more realistic to let countries default and readopt their old currency than to lend them Billions of EUROS. Let us be quite clear and lucid. It will not be the European leaders who repay losses ultimately, it will be the EU taxpayers !!!
As they all say to themselves: "après moi le déluge".
Bailing out EU countries with billions of EUROS to save the face of the EURO, the EU, or leading European politicians, has no sense or logic !!! Billions of EUROS have been loaned to GREECE and PORTUGAL on favourable credit terms, but their urgent current problems and social upheavals do not inspire the confidence EU taxpayers in any way !!!
Mr. Barroso is the head of the European Commission, but unfortunately a portuguese national. He would not be the best person to front a discussion or to explain simply the reasons why the EU and the IMF want to continue to support bankrupt EU countries !!!
There is a good old English expression. Never throw good money after bad !!!
There is also the lesson we all have whitnessed several times in South America. When a currency can no longer defend itself, it devalues The new Peso and others, start a new life !!!. In South America and other countries, the better off save money buying US dollars or Sterling to hide under their beds !!!
The EU with its EURO is not one country. It does not dare to let a EURO country become bankrupt, hence all the loans !!! However, it would be cheaper and more realistic to let countries default and readopt their old currency than to lend them Billions of EUROS. Let us be quite clear and lucid. It will not be the European leaders who repay losses ultimately, it will be the EU taxpayers !!!
As they all say to themselves: "après moi le déluge".
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