Woes in the eurozone

The Washington Times ^ | 10/22/2002 | House Editorial

[xsysmgr]

Recent times have been quite eventful across the eurozone. Germany's difficult banking problems, which had been exacerbated by a record level of bankruptcies and the collapse of its stock market, seemed to worsen on the heels of rumors that Commerzbank faced a liquidity crisis after incurring substantial derivatives losses. Standard & Poor's slashed its credit rating and those of other major German banks. By last week's end, despite a rally, the stock price of Deutsche Bank, Germany's largest, was off nearly 30 percent over three months, while the share prices of other major German banks were down more than 40 percent over the same period.

[Tacis]

These crooked Eurinals lied about economic conditions in their countries when they started and have lied ever since. Now, when their lies are no longer plausible, even to other Eurinals, there is a crisis. The single currency was to allow the bureaucrats to earn more in bribes, kickbacks and payoffs and to increase the numbers of bureaucrats, many fold.

It was clear that the national interests of these 11 countries were so diverse, that no single charter, except in the best of economic times, was appropriate. Now that things are heading south, it will soon be every Eurinal for himself.

These guys are so corrupt that US democrats, Mexicans and Nigerians are envious.

[ffrancone]

IT'S 14 DAYS 'TIL THE ELECTION

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[DB]

The amazing thing is as they collapse they blame it all on "capitalism" and how it has "failed" them. Never mind that what they do bares little resemblance to capitalism… Their solution: put more restrictions on what capitalism they have left… And then accelerate their way further into bankruptcy… Really, really stupid. But hey... I'm just a dumb American...

[ZeitgeistSurfer]

The Eurozone mantra: "The poison isn't working....MORE POISON!"

[Consort]