Italy’s about ready to default. French banks will close because they are exposed to Greek and Italian sovereign debt. France will lose its coveted AAA credit rating. There will be financial chaos in Europe and probably the break up of the Euro Zone, if not the European Union itself which hasn’t come under such strain since World War II.
The European Financial Stability Facility is not yet in place. The ECB doesn’t have the authority to buy bonds directly from member governments such as Italy. It can only buy bonds in the secondary market. The IMF doesn’t want to lend money. China is not interested.
What is Germany’s solution? The Troika. They would put it in place everywhere all the day. Big brother would watch all the countries in the EU and monitor their financial activity. It almost sounds like World War II. Germany wants to make all the countries of Europe like Germany.
The European Financial Stability Facility is not yet in place. The ECB doesn’t have the authority to buy bonds directly from member governments such as Italy. It can only buy bonds in the secondary market. The IMF doesn’t want to lend money. China is not interested.
What is Germany’s solution? The Troika. They would put it in place everywhere all the day. Big brother would watch all the countries in the EU and monitor their financial activity. It almost sounds like World War II. Germany wants to make all the countries of Europe like Germany.