Another one bites the dust

Į mešan Spįnverjar fagna gjaldžroti sķnu og uppgjöf naga evrópskir rįšherrar neglurnar af ótta viš lżšręšiš ķ Grikklandi. Į brusselsku heitir žaš aš vera ķ višbragšsstöšu. Nś hafa Spįnverjar hlotiš "sigurlaun" viš hęfi. 

"Another one bites the dust" voru upphafsorš ręšu į Evrópužinginu ķ Strasbourg ķ gęr. Žar var ekki veriš aš vitna ķ žekkt lag meš hljómsveitinni Queen heldur fjalla um óleysanlegan vanda evrunnar, sem fer stigvaxandi. Žetta er evran sem felldi Spįn um žrjįr deildir og er nś meš Ķtalķu nęst į matsešlinum.

Titanic-evran hefur rekist į ķsjakann og žvķ mišur eru ekki til nógu margir björgunarbįtar.

TEXTI ręšunnar er fyrir nešan myndbandiš.
 


Another one bites the dust.

Country number four, Spain, gets bailed out and we all of course know that it won't be the last. Though I wondered over the weekend whether perhaps I was missing something, because when the Spanish prime minister Mr Rajoy got up, he said that this bailout shows what a success the eurozone has been.

And I thought, well, having listened to him over the previous couple of weeks telling us that there would not be a bailout, I got the feeling after all his twists and turns he's just about the most incompetent leader in the whole of Europe, and that's saying something, because there is pretty stiff competition.

Indeed, every single prediction of yours, Mr Barroso, has been wrong, and dear old Herman Van Rompuy, well he's done a runner hasn't he. Because the last time he was here, he told us we had turned the corner, that the euro crisis was over and he hasn't bothered to come back and see us.

I remember being here ten years ago, hearing the launch of the Lisbon Agenda. We were told that with the euro, by 2010 we would have full employment and indeed that Europe would be the competitive and dynamic powerhouse of the world.By any objective criteria the Euro has failed, and in fact there is a looming, impending disaster.

You know, this deal makes things worse not better. A hundred billion [euro] is put up for the Spanish banking system, and 20 per cent of that money has to come from Italy. And under the deal the Italians have to lend to the Spanish banks at 3 per cent but to get that money they have to borrow on the markets at 7 per cent. It's genius isn't it. It really is brilliant.

So what we are doing with this package is we are actually driving countries like Italy towards needing to be bailed out themselves.

In addition to that, we put a further 10 per cent on Spanish national debt and I tell you, any banking analyst will tell you, 100 billion does not solve the Spanish banking problem, it would need to be more like 400 billion.

And with Greece teetering on the edge of Euro withdrawal, the real elephant in the room isthat once Greece leaves, the ECB, the European Central Bank is bust. It's gone.

It has 444 billion euros worth of exposure to the bailed-out countries and to rectify that you'll need to have a cash call from Ireland, Spain, Portugal, Greece and Italy. You couldn't make it up could you!It is total and utter failure.

This ship, the euro Titanic has now hit the iceberg and sadly there simply aren't enough life boats.


mbl.is ESB-rįšherrar ķ višbragšsstöšu
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1 Smįmynd: Įsthildur Cesil Žóršardóttir

Góš fęrsla hjį žér Haraldur, mį ekki segja aš sį spęnski og okkar forsętisrįšherra séu į sama level.  Hśn įlķtur aš žessi krżsa vari stutt og enginn bilbugur sé į ESB sinnum aš fara gegn vilja meirihluta žjóšarinnar og halda žessu "umsóknarferli" įfram.

Įsthildur Cesil Žóršardóttir, 15.6.2012 kl. 09:33

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