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June 13th, 2012 
FAKE NEWS for the Zionist agenda - Banking crisis continues to deepen despite £80bn bailout of Spain’s banks
- Italy and Spain’s borrowing rates soared amid fears of a Greek eurozone exit
By
Jason Groves and Hugo Duncan
18:12 EST, 12 June 2012
|
02:17 EST, 13 June 2012
Angela Merkel may be willing to sacrifice Greece in order to persuade German voters to bail out the euro, George Osborne warned last night.
The Chancellor suggested Germany may ‘require’ the crisis that would follow a Greek exit to convince its voters to take the unpalatable steps needed to rescue the single currency.
His comments came as the euro crisis continued to deepen, despite an £80billion bailout of Spain’s banks at the weekend.
German Chancellor Angela Merkel could be willing to make the sacrifice in order to demonstrate the importance of saving the single currency
Spain’s borrowing costs rose to a euro-era high of 6.8 percent yesterday after credit ratings agency Fitch brushed aside the rescue fund to issue a fresh downgrade to 18 Spanish banks.
Italy’s borrowing rates also jumped to dangerous levels after the Austrian finance minister suggested Italy – the eurozone’s third largest economy – would also need a bailout.
Economists have warned a Greek exit could plunge markets into fresh turmoil and spark a new recession across Europe.
Ministers and officials are drawing
up contingency plans, including a draconian cap on cashpoint withdrawals
and limits on foreign travel, to deal with the potential fallout.
Chancellor George Osborne suggested that Mrs Merkel may require a Grexit to stave off discontent amongst German voters
But speaking at a business summit in London yesterday, Mr Osborne suggested Mrs Merkel may be prepared to allow Greece to leave the euro in order to demonstrate to German voters the need to take costly action to prevent the total collapse of the single currency.
International Monetary Fund Managing Director Christine Lagarde has previously called upon leaders to take ‘decisive steps to break free of the crisis’
‘I ultimately don’t know whether Greece needs to leave the euro in order for the eurozone to do the things necessary to make their currency survive.’.
‘I just don’t know whether the German government requires Greek exit to explain to their public why they need to do certain things like a banking union, eurobonds and things in common with that.’
The Chancellor also described the failure of Spain’s bank bailout as ‘depressing’ and ‘frustrating’.
Treasury sources insisted Mr Osborne was not commenting on the likelihood of a Greek exit.
A source said: ‘His point was, do we need another crisis to get decisive action from the eurozone to stand behind its currency.’
Continuing market turmoil fuelled fears European leaders are nowhere near finding a solution to the financial storm that threatens to tear the single currency apart.
Christine Lagarde, head of the International Monetary Fund, urged leaders ‘to take decisive steps to break free of the crisis’.
Cyprus has indicated it is just days away from asking for a bailout of its own and Greek elections on Sunday could see angry voters push the country out of the euro.
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And Spain….. and Italy …………and maybe even France………? There wont be much left by the time they have ejected all the failing Eurozone countries – with any luck
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Here we go Gideon supporting the Tory line of attacking the MOST VULNERABLE and prevvious allies in the past.Sounds Familiar.
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Iain, Glasgow. Germany has never repaid all of its war reparation. Indeed they still owe Greece billions among others. Greece and its measly little economy are not the crux of this matter. The real problem lies in Spain and Italy. With or without Greece in the Eurozone, Italy and Spain still require trillions, yes trillions of euros to bail them out. How can the British banking system require a 1000 billion bailout (thanks Gordon, Alistair) but the Spanish banks ( who own RBS England, Abbey and Lloyds) only require 80 billion? And what about the Spanish government’s debt, which they will not be able to service with junk bonds. And then there’s Italy. Actually, Greece defaulting and leaving is not the solution, since it would trigger a French banking collapse as they are heavily exposed to Greek debt and have already taken a haircut. Removing just one component is enough to bring down an entire house of cards, no matter how well and carefully you select that card.
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Now lets not forget that everyone in the European parliament will be off on their 15 week? summer breaks anytime now.
If they were so worried about saving anything, putting things right, helping show the people of Greece and Europe that they cared what happened to their countries, someone would have then working to resolve the problems through this loooooong holiday.
But, do they care? No just so long as Germany is ok, right?
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What I do not understand is the fact that these countries were doing fine until they went to one currency unit. I went to Greece and things were cheap and the shops seemed to be doing well and the people were happy. Now they are rioting and broke Spain was dragged out of poverty likewise with Italy when the tourist trade opened up with cheap flights. Most of these countries were poor and happy, and were happier when the British and Germans flooded them with tourists. But now, within a short time, they are in trouble and it seems like we are having to help bail them out when we are supposed to be broke as well, but it is funny how we can send money all over the world to help these countries and we cannot help our OWN elderly and disabled in this country where we have been paying taxes for years only to be told we have to pay our own way with the mere pittance of a pension worth less now than ever. Let’s get out now and plough the excess money into Briton to make it GREAT again.
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How is Merkel in charge? Why do the rest of the E U stand for it?We had 2 wars costing MILLIONS of lives to prevent Germany ruling Europe. What has changed? Seriously – has anyone got the answer to why she is allowed to rule Europe?
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whilst the man in the street gets an increased tax allowance, the Rich and powerful get an increased allowance + the end of the 50p tax.
This suggests that in our governement minds, it is perfectly acceptable to give the wealthy twice as much tax advantages as the common people.
No need to say more about the Democracy we live in and who this works for……..
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Germany will be prepared to sacrifice Greece will it? No change there then.
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Osborne is as wrong on this as he is on the UK economy! Merkel has far more sense and knows perfectly well that should Greece fall out of the Eurozone, this will prompt the speculators to move on to the next ‘domino’, probably Spain or Portugal.
Once the process of a loss of confidence has started, it will be unstoppable. Merkel knows this and that she will not be able to put the genie back in the bottle once Greece defaults in a disorderly fashion.
What is needed is for Greece to have a carefully managed ‘exit’, supported by EU funds to cushion the blow of returning to the drachma, and with a lot of inward investment for its longer term recovery.
A determination to do this by the wealthy northern members of the Eurozone would do a great deal to stabilise the currency and restore confidence.
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Did anybody see her on TV last night banging her fist on the table .She reminded me of a Little man back in the thirtys doing the self same thing .He came from Germany .
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