Pierre Khalfa: Le problème ce n’est pas l’euro, mais le néo-libéralisme
Gérard Lafay: il faut transformer l’euro en monnaie commune!
How European Elites Lost a Generation. This comes at a time when Open Europe warns of the hidden cost of saving the euro – the extensive exposure the ECB has to the whole eurozone and especially Greek banks, as a result of the debt crisis: “The ECB has exposure to struggling eurozone economies (the so-called PIIGS) of around €444bn. Of this, around €190bn is exposure to the Greek state and Greek banks.” Click here to read Open Europe’s report
Story: Ken Pottinger
Extracted from ‘The German Government Will Pay Up’ an article in SPIEGEL online:
Homburg: Absolutely. Greece is neither economically nor politically capable of sorting out its finances. It will never be in a position to repay the money that it has borrowed up to now. The German government will pay up all the same.
SPIEGEL: And what will happen next?
Homburg: Many politicians have also come to the realization that the path that we are on ultimately leads to national defaults and currency reforms. This process is already irreversible, but nobody wants to say it out loud and go down in history as the one who triggered the explosion. So we leave the bankruptcy to subsequent German governments and, in the meantime, throw good money after bad. Sooner or later, this much is certain, the system will be blown apart by political and economic factors. And, unfortunately, there is a great danger that, when this happens, it is not only the euro that will fall apart, but also the entire EU.”