Disaster follows hubris

The arrogance of the ruling EU and EC elites in establishing the eurozone and managing it badly has led to disaster for the citizens of many eurozone countries. The eurozone has its foundations in sand: some states were admitted which did not meet the criteria for membership and the ECB was not granted the powers of a central bank.

http://www.spiegel.de/international/europe/the-germans-have-learned-nothing-from-history-a-838429.html

http://www.telegraph.co.uk/finance/financialcrisis/9326229/Spanish-and-Italian-bond-yields-climb-as-bailout-fails-to-reassure.html

http://www.telegraph.co.uk/finance/financialcrisis/9325211/Debt-crisis-Market-euphoria-evaporates-over-Spains-100bn-bank-bailout.html

http://www.spiegel.de/international/europe/imf-head-lagarde-warns-time-running-out-for-euro-zone-a-838368.html

http://www.spiegel.de/international/europe/europe-prepares-for-the-worst-despite-spain-bailout-a-838370.html

http://blogs.independent.co.uk/2012/06/12/politicians-of-the-%E2%80%98centre-ground%E2%80%99-have-led-us-to-the-brink-of-catastrophe/

http://www.telegraph.co.uk/finance/financialcrisis/9326416/Debt-crisis-Spain-and-Italy-in-market-storm-ahead-of-Greek-vote.html

It was impossible to say how things may turn out, said Edward Hugh, independent economist based in Barcelona.

"This thing is like an express train accelerating towards the buffers in the station. You have got this cocktail now with the Greek elections coming this weekend and talk of capital controls over Greece, you have got Italy coming back into the line of fire and then you have got this uncertainty about Spain."


http://www.telegraph.co.uk/finance/financialcrisis/9326229/Spanish-bond-yields-reach-euro-era-high.html

http://www.telegraph.co.uk/finance/financialcrisis/9327300/EC-preparing-secret-plans-for-Greek-euro-exit.html