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The European project has failed. Why?Europe is in turmoil once again. The sovereign-debt crisis threatens to spread from Ireland to Portugal and Spain. It all began with the financial crisis. Before the financial crisis, several governments of the eurozone, most notably those of Portugal, Italy, Ireland, Greece, and Spain (PIIGS), had been able to finance their deficits at artificially low interest rates. Some had accumulated unsustainable levels of public debts.
Such reckless fiscal behavior was only possible because markets assumed that if the national situations got worse, these governments would be bailed out by other countries of the eurozone in order to forestall a breakup of the euro. In other words, the euro came with an implicit bailout guarantee permitting governments to overindulge in debt. The implicit guarantee was and still is grounded in political interests. A failure of the euro would be interpreted as a failure of the idea of European centralization — i.e., of the European Union. This failure is regarded as something politically inconceivable.
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Because its been hijacked by power hungry politicians and there crony banker friends.
Its time to end this charade.
An idealist currency built on the wet dreams of politicians and not on sound economics was always doomed to failure.
This is what happens when you leave decisions up to career politicians drunk on power.
The real victim here is not the taxpayer, dole claimant or pensioner nor citizen but democracy itself. A freedom we fought dearly to get has been usurped.
And were is our media to highlight this?!
lazy and complacent!