THE OUZO CRISIS…
Ενδιαφέρουσα δημοσίευση οικονομικής ανάλυσης για τους ευρω-μετέχοντες PIIGS (G=Greece ) στην βρεττανική εφημερίδα TELEGRAPH. Ακόμα μεγαλύτερο ενδιαφέρον παρουσιάζουν οι γνώμες στα σχόλια των αναγνωστών.
…Greece’s drama has already metastasised into a wider systemic crisis. The world risks a replay of the Lehman collapse if this runs unchecked, this time involving sovereign dominoes.
Barclays Capital says the net external liabilities of Greece are 87pc of GDP, or €208bn (£182bn). Spain is worse at 91pc (€950bn), and Portugal worse yet at 108pc (€177bn); Ireland is 68pc (€123bn), Italy is 23pc, (€347bn).
Add East Europe’s bubble and foreign debts top €2 trillion…
συνέχεια εδω : THE OUZO CRISIS…
επίσης διαβάσαμε εδω για το άρθρο 122 της συνθήκης της Λισσαβώνας :
1. Without prejudice to any other procedures provided for in the Treaties, the Council, on a
proposal from the Commission, may decide, in a spirit of solidarity between Member States,
upon the measures appropriate to the economic situation, in particular if severe difficulties arise in the supply of certain products, notably in the area of energy.
2. Where a Member State is in difficulties or is seriously threatened with severe difficulties
caused by natural disasters or exceptional occurrences beyond its control, the Council, on a proposal from the Commission, may grant, under certain conditions, Union financial assistance to the Member State concerned. The President of the Council shall inform the European Parliament of the decision taken.
What I should have done was post the link to the original post on this topic, where I gave the sources for Article 122 being the legal justification for the Greek bail-out. Here is the LINK.
There is no doubt that Article 122 is being proposed as the means for a Greek bail-out. I apologise to readers for not making the link yesterday.
I am sure a brief power cut could be arranged easily enough, if this has to be a text book operation. The threat is real enough, and not something I’ve fabricated to stir up ‘anything’, as one commenter suggested.
Original Report From Open Europe
UK could face £7bn bill if the EU bails out Greece;
Anatole Kaletsky: The eurozone will be tested to “near-destruction”
The Mail on Sunday reported that if an EU rescue fund for the troubled Greek economy matched the country’s budget deficit, the UK would be asked for £7billion, assuming contributions matched each country’s share of the total EU economy. The article noted that, until now, discussion has focused on whether fellow eurozone members could be asked to bail out Greece. But under Article 122 of the EU Treaty, all EU members could be liable. The Treaty article says: “Where a member state is in difficulties or is seriously threatened with severe difficulties caused by natural disasters or exceptional occurrences beyond its control, the council of ministers, on a proposal from the European Commission, may grant, under certain conditions, Union financial assistance.” The paper reported that the EU Council decision would be made on a majority vote with Britain having no veto. If other troubled eurozone members such as Ireland or Spain were excused from making a contribution, Britain’s share could be even larger. A Treasury source would not comment on whether any official calculations have been made regarding Britain’s potential exposure…