Thursday, April 07, 2011

Euro

I shouldn't really write about things I know nothing about. But I will be naughty again.

PIGS is the word, Portugal, Ireland, Greece and Spain. Economic basket cases bailed out by the European Union. After the Icelanders rejected paying money to the profiteers in England, what happened then? I don't know. Every other Euro Union country is not doing well economically. Italy's economy is not examined because of the preoccupation with Berlusconi's shenanigans.

All of Europe, even its premier countries are not performing well economically. If I was in charge one of these premier countries, I would be pushing for a European Union subset of countries, those who are financially responsible. Hive off all the spendthrift build on the never never countries. Scandinavia, Germany, Netherlands, Belgium and perhaps France, get rid of the rest. They will drag you down. Oh, they are already.

So given nowhere in Europe is doing well, and the European Union has bailed out a few countries, where is the money coming from? Is it the gnomes of Zurich? Is it the Jews of New York? Perhaps it is Chinese money? Certainly not Japanese money now. They need theirs. Surely it couldn't be Arab oil wealth?

Just to pin it more precisely, European countries are not doing well. Some are broke. Some are being propped up with huge amounts of money from the Euro Union, but where is the money coming from?

7 comments:

  1. well it's not coming outta my freakin bank account, i'm still waiting on my fraking puppy refund :|

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  2. I might be wrong, but I think that most of the money (especially that lent to Greece) is coming from Germany, the EU's economic powerhouse. I think they even threatened to withold funds at one stage as there was an expectation they wouldn't get it back. Ever.

    And generally speaking, I think the I in PIGS is usually Italy (although sometimes it is Ireland).

    While I enjoy PIGS as an acronym, I also like BRICs, CIVETs and EAGLEs...please do a post on each of them, Mr Riser :)

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  3. Anonymous8:09 am

    Scandanavia isn't actually part of the EU.

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  4. You're right! You don't know nothing about the Euro and its countries that support the system.

    The money that helps to survive the 'southern members' comes from the northern ones. But at a price! An interest rate of 10 percent is nothing.

    Greece should never have joined the system, their tax system is corrupt since the year zero. More of 50% doesn't pay tax at all! millionaires and billionaires included.

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  5. Fen, quick to accept. Not so quick to refund.

    Ok Me. I remember about Germany threatening to withhold. Still, it is an awful lot of money. I can't imagine what the other acronyms are.

    Not one country Anon? They're not stupid.

    Peter, I am at time not quite as dumb as I sound. Turkey, Greece, Poland should not be part of the Union. Three or four countries make the money and the rest waste it. Rather like I heard about the Seine. The right bank makes the money and the left bank spends it. Regardless, I am still surprised how much money the Union has to bail out the irresponsible.

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  6. With the greatest of respect, Anon is incorrect. Iceland and Norway are not part of the EU but Sweden is and so is Denmark (although neither are currently using the euro).

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  7. Thanks AdRad. I'll try to remember in the future.

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