Any bail out of greece will be merely a sticking plaster over an amputated leg.
What is happening now is the second part of global financial collapse - Sovereign Debt.
Portugal,Ireland,Italy,Spain and Greece all on the point of defaualting.As we will be without draconian cuts in spending come the new Gov't.
Spending cuts that will further increase an already under reported unemployment figure putting strain on the grossly exaggerated increase in productivity (0.1 % for last quarter,yeah right and the adjusted figure will be a net decline).
1 in 8 (1 in 5 here in Leeds) commercial properties empty and boarded up will seem like a prosperous dream in the next couple of years.
Not forgetting that many banks are still bankrupt and have managed to keep off their accounts the massive amount of toxic debt they still have, expect more pleading and hand wringing and threats to collapse the economy even further unless they can some more cash.
No banking reform and the interest rates at nearly 0% just increase the ability to borrow cheap money and speculate, just the thing that helped f*** up world in the first place.
Those lucky enough to be in employment are having hours cut, pay cut, voluntarily or not for fear of being laid off.Huge influx of school leavers still to come on employment figures.
Reducing university places through spending cuts,not just Mickey Mouse courses, Leeds University has reduced money to Biological Sciences Faculty and is asking lecturers to re-apply for their jobs hoping to reduce staff by 30%.
It's going to get worse.The financial stimulus packages haven't stimulated anything and when these are withdrawn ant of the so called 'Green shoots' of recovery will quickly wither and die.
Country hasn't a pot to p**s in and our over reliance on the financial/service sector for wealth production has left us without any kind of manufacturing ability with which to manufacture our way out.
Blindly supporting U.S. quest to support it's failing global economic hegemony with it's quest for military hegemony(see Obama's budget and it's increase in Pentagon budget and, contrary to nuclear non-proliferation treaty which it signed, further spending on 2 new Uranium and Plutonium enrichment plants and development of new nuclear warheads).Money that could be more profitably spent elsewhere.
Not to mention the obscene amount we pay to Europe.
The Euro may be doomed but so is the Pound,Dollar,Yuan at the hands of currency speculators.
Total global amount of CDS and CDO's is estimated to be $700 trillion.
Total global GDP $70 trillion.
So the total amount owed in these is 10x the worlds GDP.
Hmmmmmm! someone wasn't watching??
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Topic: Is the euro doomed? (Read 1015 times)