Surprise, surprise Europe has no solutions to its Euro crisis. Portugal is
in a worse state that Greece; Greece faces an election which will fail to
elect a government and a health service in a state of absolute collapse; Spain
is back in recession with no job prospects for its over 50% young unemployed;
Ireland continues to be crushed under Troika imposed austerity as it prepares
for its referendum on the 31st of May.
European finance ministers will meet again on the 30th March. Bloomberg
has received a draft copy of the proposals they will “approve” at that meeting.
Nothing is changing. The situation bumbles its way along the bottom while it
waits for the next cliff edge, and rather than dealing with the problems, the
only solution European financial leaders can come up with is more bailout.
We are sitting in the eye of the storm. Everything seems calm. But not for long –
trying to fix debt by adding more debt is creating a new momentum to the
forward motion of the storm. Hold on to you hats, folks. The next few
months is going to get interesting.