Sunday, 13 November 2011

Emptiest Word in Eurospeak

France and Germany’s past actions expose their current plea for “solidarity” as empty rhetoric. What they really want is more money from the British taxpayer. It will be gladly handed over, but only after they emerge from their Euro fantasy land and take real steps to solve the crisis. (Start with booting Greece.)

If the mythical European Financial Stability Facility (EFSF) contained as many Euros as empty Eurospeak the Eurozone crisis would have been solved in a trice. Indeed, the two most meaningless words in the grand lexicon of Eurospeak are "strategy" and "solidarity" and I have heard more than enough of both over the past two days of G-Plenty. "Strategy" has been so long lost to the bottomless pit of Euro-jargon that it now suffers a new meaning; to not know what to do, where to go or how. My university, Oxford, might wish to consider an Oxford Eurospeak Dictionary to explain to the former European voter the real meaning of such gibberish.

However, the emptiest word by far in Eurospeak is "solidarity." They are at it again. Peter Altmeier, a German MP close to Chancellor Merkel, called on Britain to show "solidarity" with the Eurozone by contributing more British taxpayers to the EFSF, whilst at the same time ruling out more money from the German taxpayer. French President Nicholas Sarkozy was plain insulting to the British in response to a question posed at Cannes by a BBC journalist. "The British can't understand Europe as they're from an island ... from an island you can't understand the subtleties of the European construction." In Yorkshire, Monsieur le President, someone might call you an arrogant toe-rag for that kind of stupid and prejudiced statement. What we British do understand is rubbish when we hear it! Indeed, it is precisely because we British do understand the "subtleties" of your European "construction" that we are not right now up to our necks (only our elbows) in your
mess.


Berlin Prepares for Possible Greek Exit from Euro Zone

The German government has been simulating a range of scenarios to prepare for a possible exit of Greece from the euro zone. Under a worst-worst-case scenario, the country could descend into a vicious circle of misery that could last decades.

Portugal PM says ECB should not pay for EU's sinners

http://www.reuters.com/article/2011/11/12/us-portugal-premier-ecb-idUSTRE7AB0L020111112


Portuguese civil servants and the military protesting – Portugal

Portugal PM says Europe risks make austerity more pressing

Portuguese president calls for larger central bank role in euro crisis

The Barroso in the Graun

José Manuel Barroso: 'The speed of the European Union can no longer be the speed of the most reluctant member'

EFSF Bail-Out Fund Buys Its Own Debt Because Not Enough Others Will

To raise "bailout" money the EFSF sells bonds. In its first auction after the new Merkozy agreement, not enough investors wanted the garbage and the fund ended up buying some of its own bonds.

The Telegraph reports Eurozone bail-out fund has to resort to buying its own debt

Eurozone bail-out fund has to resort to buying its own debt
Europe's €1 trillion (£854bn) rescue fund has been forced to buy its own debt as outside investors become increasingly concerned about the worsening eurozone sovereign debt crisis.


Unite or risk fragmentation, Barroso tells EU

Europe must unite to tackle the euro zone debt crisis or risk fragmentation, decline and irrelevance, European Commission President Jose Manuel Barroso said on Sunday.

Barroso's solidarity call, in a commentary for The Observer newspaper, seemed particularly aimed at Britain, where the euro zone debt crisis has fueled an already strong eurosceptic strain.

"As we witness fundamental changes to the economic and geopolitical order, Europe needs to advance together or risk fragmentation," Barroso said.

"The dynamic of globalisation in financial and economic terms, but also in geopolitical terms, confronts Europeans with a stark choice: live together, share a common destiny and count in the world; or face the prospect of disunity and decline. In this defining moment, we either unite or face irrelevance," he said.




Posted by Britannia Radio at 00:50