falling like domino’s

Portugal has finally asked for a bailout from the european union, though it is not clear who will be doling out the money the european commission, the european central bank and/or the international monetary fund, though the figures being bandied about are up to 90 billion euros which the UK will be liable for about 5-10% of this.

the conditions are yet to be set out and a clearer picture is likely after EU finance ministers meet on the 8th and 9th of April this weekend. though what is apparent is the bailouts of the PIG countries thus far have seen the countries economies stagnate and the populations stuck with quite extreme  austerity measures.

What is obvious is, these bailouts are taken through near force and that the beneficiaries are those in Brussels willing to do anything to keep the euro afloat, whatever the consequences. It may be that these countries deserve the harsh punishment, but was the EU and the euro not meant to unite the european nation states, as in one for all all for one.

Not so, and it never will be, This says it all really — “Democratic legitimacy? It’s not necessary. Apparently they had some mandate when they made the request last night. So if they were empowered last night to make the request, they are empowered to progress with negotiations,” from the commission economy spokesman Amadeu Altafaj speaking after socrates asked for the bailout merely hours before.

in relation to the current portugese government being a ‘caretaker’ government ( thus not having the legitimacy to agree a bailout package, without a popular mandate)   he goes on to say “It’s not their programme any more. It’s ours,”

It is surprising the portugese hadnt realised that they would be sacrificed for the sake of the project, many British realised long ago that it is our masters in Brussels running the show. In or out of the euro it does not matter, membership of  the EU means the EU rules.

Though when our own government(s) will wake up to the fact and DO something is another matter.



2 Responses to falling like domino’s

  1. WitteringWitney says:

    Pixilady, our govts never will DO anything. Why? Whenever it is difficult to find why a logical action is not followed, it usually means that later one finds a ‘money trail’ – something I believe will be discovered in the decades to come.*

    I probably wont live to see it, but you will so just remember what an old man said…….

    *Remember what was found when the people broke into the Stasi records………..?

  2. Sue says:

    Do you know what baffles me?

    Nobody seems to be blaming the EU or Euro for this. Doesn’t that strike you as being very fucking strange?

    You would think a beautiful country like Portugal, a perfect place for a family holiday would say “Sod the Euro, we’ll go back to the old currency and devalue”

    That way, the people of Europe would be flocking to go on holiday there because it will cheaper than ever. The economy would get a lift and things would start looking up.

    I mean, they can’t use the old excuse that Osborne uses (not that I believe it’s true), that the country relies on exports to Europe. Portugal, like Spain is mainly reliant on the tourist industry.

    I’m just so gobsmacked. Do any politicians actually THINK these days?

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