Originally Posted by Chris (Post 35439047)

Someone said yesterday in one of the many items I've read on the subject, the European Project is the life's work, salary and pension for many of those now in charge of it. Admitting it's game over - and was flawed from the outset - is simply too much to ask of them. They are fundamentally compromised and frankly are the last people who should be making the decisions right now. This is not going to end in any controlled fashion. It will simply stagger on until it blows apart at the seams. And then we shall see what we shall see.

Originally Posted by Hom3r (Post 35439115)

Spain asks for cash.

http://www.bbc.co.uk/news/business-18382659

Well if they worked rather than take a siesta when it's a bit hot.

Why don't we give all our taxes to europe.:rolleyes:

It's about time well upsticks and left Europe behind us, then all those that come here and leech of the British benefit system can be told to sod off home.

Originally Posted by Osem (Post 35439119)

I'm afraid you're right and I fully expect that when it does the Eurocrats still won't accept responsibility for their mad project and will blame its failure on others.

Originally Posted by Chris (Post 35439239)

http://www.bbc.co.uk/news/business-18382659

Spain is to get up to €100 billion to bail out its banks. That's about EIGHTY BILLION POUNDS. The total cash outlay to bail out UK banks was about £120 billion. The difference is, we had the resources to pay for it. Spain does not.

Let nobody be fooled by the mechanism being used to funnel the money here. The fact that the EFSF is paying Spain's own bank restructuring fund directly rather than handing the cash to the Spanish treasury is a rather pathetic face-saving exercise designed (but doomed to fail) to disguise the fact that Spain does not have enough cash to bail out its own banks.

Spain's banking sector is bankrupt and were it not for foreign aid, that fact would imminently be bankrupting the Spanish state itself. Eurogeddon is here, folks, and the fat lady is in the wings.

Originally Posted by Chris (Post 35439320)

It is a rescue. But they think that by calling it something else (and announcing it at the start of the weekend) the markets will not implode on Monday morning. The Spanish economy is twice the size of Greece, Portugal and Ireland combined - what is happening here is seismic. I doubt the financial sector is likely to be taken in by this attempted sleight of hand for very long.

The Eurocrats are utterly delusional. Everybody remember where you were during the summer of 2012 - we are living in historic times. Think Kennedy, think moon landing, think 9/11.