Germany's Merkel "ONE WORLD GOVERNMENT has officially begun

[Savwafair2012 Profile]

The euro is facing an unprecedented crisis after another country indicated on Monday night that it was at a "high risk" of requiring an international bail-out.



Portugal became the latest European nation to admit it was on the brink of seeking help from Brussels after Ireland confirmed it had begun preliminary talks over its debt problems.


Greece also disclosed that its economic problems are even worse than previously thought.


Angela Merkel, the German Chancellor, raised the spectre of the euro collapsing as she warned: "If the euro fails, then Europe fails."


European finance ministers will meet in Brussels on Tuesday to begin discussions over a new European stability plan that is expected to result in billions of pounds being offered to Ireland, Portugal and possibly even Spain.


David Cameron said he was thankful that Britain had not joined the euro, but indicated his displeasure that taxpayers in this country face a pounds 7?billion liability in any bail-out package.


The veteran Conservative MP Peter Tapsell warned that the "potential knock-on effect" of the Irish crisis "could pose as great a threat to the world economy as did Lehman Brothers, AIG and Goldman Sachs in September 2008".


Ireland has resisted growing international pressure to accept EU financial assistance amid concerns that this would lead to a surrender of political and economic sovereignty.



However, the German government is expected to signal that Ireland may have to accept a pounds 77?billion bail-out, along with a loss of economic and political independence, as the price of preserving the euro.


Mrs Merkel said that the single currency was "the glue that holds Europe together".


Her words came as fellow eurozone members Portugal and Spain rounded on Ireland. They fear that international concerns over the euro will lead to so-called market contagion spreading to them.


Fernando Teixeira dos Santos, the Portuguese finance minister, said: "There is a risk of contagion. The risk is high because we are not facing only a national problem. It is the problems of Greece, Portugal and Ireland. This has to do with the eurozone and the stability of the eurozone, and that is why contagion in this framework is more likely."


Mr Teixeira dos Santos added: "I would not want to lecture the Irish government on that. I want to believe they will decide to do what is most appropriate together for Ireland and the euro. I want to believe they have the vision to take the right decision."


He later sought to clarify his comments, insisting that Portugal was not preparing to seek assistance.


Greece had earlier added to the growing uncertainty when it said it would breach the conditions for the bail-out it was granted by the EU earlier in the year. The Greek government said its debt problem was far worse than previous dire forecasts.


Eurostat, the EU statistics agency, said Greece's 2009 budget deficit reached 15.4 per cent of gross domestic product, significantly above its previous figure of 13.6 per cent.


George Papandreou, the Greek Prime Minister, said new European-wide taxes may now be needed to fund bail-outs.


"We need a mechanism which can be funded through different forms and different ways," he said. "My proposal is that taxes such as a financial tax or carbon dioxide taxes could be important revenues and resources for funding such a mechanism."


Irish ministers continued to insist publicly on Monday that they did not require a European bail-out to help meet the cost of repaying the country's debts. However, reports suggested that it may require help to shore up its banks.


Jean-Claude Juncker, the head of the Eurogroup of finance ministers, said the eurozone was indeed ready to act "as soon as possible" if Ireland sought financial assistance. But he stressed that "Ireland has not put forward their request".


Ireland suffered the worst recession of any major economy and has amassed government debts of more than euros 100?billion (pounds 84?billion). It has an unemployment rate almost twice as high as Britain at 13.2 per cent and has a record deficit equivalent to 32 per cent of its gross domestic product.


Senior figures at the European Central Bank lined up on Monday to insist that the Irish accept international help to reassure investors that the euro was secure.


Miguel Angel Fernandez Ordonez, the Bank of Spain governor and a member of the ECB's governing council, said: "The situation in the markets has been negative due in some part to the lack of a decision by Ireland. It's not up to me to make a decision. Ireland should take the decision at the right moment."


http://www.montrealgazette.com/business ... story.html

[Aquarius Profile]

Can someone explain something to me so that I clearly understand. Ireland had an economic boom for almost 15 years, with massive investment from multi-national companies. The country also received massive funding from the EU for infrastructure development.

Are we to believe that 5 years after this boom, the country is close to bankruptcy? Is this due to irresponsible borrowing by the banking institutions alone?

I'm very interested to hear someone's educated opinion, I need to understand.

[Aquarius Profile]

Somebody?

[pandoras Profile]

@aquarius
not educated, however take it for what it's worth...
You might check into the Irish resistance to the Lisbon Treaty.

I believe they are now part of the planned destruction since being strong-armed into the signing into the treaty.
"If the euro fails Europe fails". Gee what a great way to throw the SDR hat into the ring...

IDK...just a thought

[Cyberelf Profile]

Can someone explain something to me so that I clearly understand. Ireland had an economic boom for almost 15 years, with massive investment from multi-national companies. The country also received massive funding from the EU for infrastructure development.

Are we to believe that 5 years after this boom, the country is close to bankruptcy? Is this due to irresponsible borrowing by the banking institutions alone?

I'm very interested to hear someone's educated opinion, I need to understand.

No...it is all a strategic plan by TPTB...Everything is planned

[Seemychess Profile]

what a nice clevage top she has.

[Kenny1 Profile]

agree about the cleavage however as soon as that bra is undone they'de break the bones in yer feet lol

[Stevezizu Profile]

Ireland has actually given untold billions in fish stocks to europe since the 70s for free also there is 540 billion euros(shells estimate) in oil of the west coast which shell is taking for free ireland has 85 percent of europes fishing waters without which they cannot do with out.The lisbon treaty was a joke and i can tell you there will be serious rections against the government if this plan goes ahead we gave all the money on the balance sheets to the banks 50 billion or so and now we also have to pay it back we should leave the euro and go back to the punt fuck spain and portugal the problem is that all the countries economy's are linked they are too close so they can play them off against each other

[Mediasorcerer Profile]

its the domino effect,this is why having them all under the euro was a dirty trick,designed to create just this situation,how bloody convenient,oh,we got you covered,heres a bailout package,now you are ours,hope they dont take it.

[Stevezizu Profile]

the germans want the 12 and a half percent corporation tax rate that brought all the multinationals here gone also the big corporations like intel ran there world profits through ireland for years without paying tax on them thats why there here.before the euro zone we were self reliant grew loads of food had all the fish we would ever need loads of natural resorces now we are in 60 billion in debt with a 45 billion a year economy not much fish left the farmers were paid for years not to grow food its fuckin crazy our politicians dont pay any income tax social welfare tops 20 billion a year the cival servants pay is 20 billion a year cant go on like this were fucked fuck europe we were an island before and should have stayed that way