The EU is nothing but one large welfare state- the stronger states (Germany) support the weaker states (Ireland, Greece, Italy, Spain, Portugal, Austria etc etc etc) It has been a great ride betting against the EU and making money on their collapse- the greatest fund manager of all time said, "its only a matter of time before the European Union becomes the European Disunion, in short less than 2 years." That was last year. Anyone who has ever lived in Europe knows that their system is fundamentally flawed. It was nice while it lasted,


I think the Euro will flop!

Greece said it is going to the IMF for relief, you know what that means,

my take on the issue is that its too early to say, but regardless I feel another global financial crisis maybe looming. Anyway thats my personal opinion I may be wrong or right!!

MandingoII:

The EU is nothing but one large welfare state- the stronger states (Germany) support the weaker states (Ireland, Greece, Italy, Spain, Portugal, Austria etc etc etc) It has been a great ride betting against the EU and making money on their collapse- the greatest fund manager of all time said, "its only a matter of time before the European Union becomes the European Disunion, in short less than 2 years." That was last year. Anyone who has ever lived in Europe knows that their system is fundamentally flawed. It was nice while it lasted,


I think the Euro will flop!

Greece said it is going to the IMF for relief, you know what that means,

Ah shat up Mandingo.

Since when did you become financially savvy about any issues outside of your borders apart from fueling tribalism amongst Nigerians.

What do you know about welfare states by the way. The Euro and the EU is strong and has been for quite a while now competing with the large consumer US market and the dollar on a fairly stable basis. Those goons who say they are making money from the Euro are only speaking about the short term gains which is not unsual for situations where there exists a gobal economic crisis that affects organizaitons such as the EU e.g of prior events include the Japanese crisis that devalued the Yen a decade ago.

Has Japan or the Japanese economy tanked. Please!!!

The US knows their influence is diminishing as far as global economic affairs are concerned and only tout the Europeans cause of their self denial that the dollar is no longer a world wide denominator.

Europe is far older than ya'll asses and has been around before your inception. Will always be around long after your empire diminishes.

MORPHEUS SAYS, "It is Inevitable"

hmmmm, Morpheus is being a typical Nigerian


attack, attack attack


emotive, emotive, emotive


with misinformation from mis-informed people


and regurgitating erroneous information from unreliable sources and using them as fact.

typical nigerian

from the Wall Street Journal

The Greek crisis is getting serious. What started as a problem with the fiscal credibility of one euro-zone state has exposed political fault lines running through the currency bloc. Constructive ambiguity, whereby markets were placated with the belief that unspecified help could be provided to Greece, has given way to confusion. With politicians becoming increasingly entrenched on either side of the Greece-Germany divide, the risks are rising that Greece becomes a big problem for the global financial system.

One measure of the seriousness of the crisis can be found in bond yields—less in Greek bonds, although the 10-year yield climbed to close to 6.5% on Tuesday, but in German Bunds, which at 3.06% are at their lowest yield in around a year and close to the low of 2.9% hit in the depths of the financial crisis. This reflects three forces at work: the flight-to-safety trade, a preference for German fiscal prudence and fears over the potential damage the Greek crisis could inflict on the euro-zone economy and financial system.

Another measure is the response of European Central Bank President Jean-Claude Trichet, who has noticeably softened the ECB's hard line on Greece and switched to playing peacemaker. On Tuesday, he said Greece could receive loans from other governments if the euro zone was threatened and suggested the ECB might yet reconsider its collateral rules to allow Greek government debt to remain eligible beyond the end of this year if further ratings downgrades occur. Meanwhile, Dennis Lockhart, president of the Federal Reserve Bank of Atlanta, warned that the Greek crisis could affect the U.S. economy, including via a broad shock to financial markets that could impact the banking system or lead investors to retreat from sovereign debt.

The market is on red alert ahead of a European Union summit at the end of this week. Greece is continuing to demand further support while insisting that it hasn't asked for aid; Germany says aid for Greece isn't on the agenda. What needs to happen is clear: All sides need to cool the debate and—as Mr. Trichet has pleaded—think carefully before opening their mouths. The only real solution is for politicians to focus on the hard decisions needed in all countries to repair the damage caused by the financial crisis and to create conditions for future growth.

But the chances of this happening grow slimmer by the day. Greece's attempts to coerce its European partners may yet pay off in the form of some kind of support in the near term. But any short-term fix may lead to further problems in future, not least the message sent to other highly-indebted countries. Meanwhile the breakdown in trust caused by Greece's behavior risks destabilizing the euro zone at a critical moment, further u

MandingoII:

from the Wall Street Journal

The Greek crisis is getting serious. What started as a problem with the fiscal credibility of one euro-zone state has exposed political fault lines running through the currency bloc. Constructive ambiguity, whereby markets were placated with the belief that unspecified help could be provided to Greece, has given way to confusion. With politicians becoming increasingly entrenched on either side of the Greece-Germany divide, the risks are rising that Greece becomes a big problem for the global financial system.

One measure of the seriousness of the crisis can be found in bond yields—less in Greek bonds, although the 10-year yield climbed to close to 6.5% on Tuesday, but in German Bunds, which at 3.06% are at their lowest yield in around a year and close to the low of 2.9% hit in the depths of the financial crisis. This reflects three forces at work: the flight-to-safety trade, a preference for German fiscal prudence and fears over the potential damage the Greek crisis could inflict on the euro-zone economy and financial system.

Another measure is the response of European Central Bank President Jean-Claude Trichet, who has noticeably softened the ECB's hard line on Greece and switched to playing peacemaker. On Tuesday, he said Greece could receive loans from other governments if the euro zone was threatened and suggested the ECB might yet reconsider its collateral rules to allow Greek government debt to remain eligible beyond the end of this year if further ratings downgrades occur. Meanwhile, Dennis Lockhart, president of the Federal Reserve Bank of Atlanta, warned that the Greek crisis could affect the U.S. economy, including via a broad shock to financial markets that could impact the banking system or lead investors to retreat from sovereign debt.

The market is on red alert ahead of a European Union summit at the end of this week. Greece is continuing to demand further support while insisting that it hasn't asked for aid; Germany says aid for Greece isn't on the agenda. What needs to happen is clear: All sides need to cool the debate and—as Mr. Trichet has pleaded—think carefully before opening their mouths. The only real solution is for politicians to focus on the hard decisions needed in all countries to repair the damage caused by the financial crisis and to create conditions for future growth.

But the chances of this happening grow slimmer by the day. Greece's attempts to coerce its European partners may yet pay off in the form of some kind of support in the near term. But any short-term fix may lead to further problems in future, not least the message sent to other highly-indebted countries. Meanwhile the breakdown in trust caused by Greece's behavior risks destabilizing the euro zone at a critical moment, further u

Glad you can read.

But tell me something how do you predice the euro flopping on accoun of this event and how do you see the dollar gaining ground against the Euro when the US economy is suffering 10% inflation, a staggering deficit, A war that is still being financed in Afghanistan, a newly added Healthcare bill in a sum shy of a trillion dollars.

Men you must be S.T.U.P.I.D.

Glad you can read.

But tell me something how do you predice the euro flopping on accoun of this event and how do you see the dollar gaining ground against the Euro when the US economy is suffering 10% inflation, a staggering deficit, A war that is still being financed in Afghanistan, a newly added Healthcare bill in a sum shy of a trillion dollars.

Men you must be S.T.U.P.I.D.

morpheus morpheus morpheus


If this Racist a.s.s. Country BLOW THE FUGG UP, I would not care.

How many times do I have to tell you I HATE white people?

If and when this country flops, I want to be around to LAUGH.

In the meantime, I'm laughing at America's Parent countries, in Europe, WHITE people, struggling.



It excites me!!!

I think our brother Obama with his health care he is also helping our cause Mandigo the second.Whites are going down,Africa and her people are rising.

This is Africas time.

Europeans are gloating this week. The continent might be struggling with ballooning debts, a faltering euro and national strikes, but when the U.S. House voted in favor of President Barack Obama's health care bill Sunday night, March 21, Europeans seized the moment to thumb their noses at Americans and remind them that they've had pretty good health care for decades.

"On Sunday evening the richest, most powerful country in the world, the USA, finally entered the 20th century. Yes, not the 21st century, but the 20th," read an article published Monday on the popular French news website Rue89.com. The site also posted a copy of TIME's cover from Nov. 24, 2008, showing Obama as a contemporary Franklin D. Roosevelt, below which it placed a cartoon of Obama on the phone to French President Nicolas Sarkozy, saying, "Hi, Nicolas, how's your health?" The Dutch daily De Volkskrant noted that the change was a long time coming: "Where health care was until now a closed privilege, Obama and the Democrats have made it a law," read an article in the paper Monday. "One of the most important differences between America and other industrialized countries has finally been lifted." (See pictures of Obama discussing his health care plan.)

Europeans have long expressed dismay at the fact that millions of Americans have no health insurance, and tales of American suffering are always in the media. One such article appeared in Monday's edition of Le Figaro, France's biggest morning paper, which focused on a young woman who is dying of breast cancer in New York City's Bellevue Hospital because she had no health coverage and didn't get her diagnosis in time. "She might live to see President Obama sign the law, but she won't benefit from it," the article said.

In Europe, voters demand that their governments offer good public services - including decent education and medical care - and regularly vote them out of office when they fail to deliver. Taxes may be slightly higher in Europe, but medical fees are heavily subsidized by governments and are drastically cheaper than they are in the U.S. The French, for example, pay a fixed $30 for a doctor's visit - and proposals to raise that fee even a few cents can ignite national protests. And in most of Europe, insurance companies are barred from rejecting applicants because of pre-existing conditions. (See pictures of immigration in Europe.)

The fundamental difference between Europe and the U.S., Europeans believe, is that Americans regard public services as a bonus rather than a basic right. For some, this is evidence that the American system is deeply flawed. "It was a scandal that the world's richest country for so long offered its citizens such pitiful protection against illness or injury," wrote Gregor Peter Schmitz, Washington correspondent for Der Spiegel on its website Monday. "It seems entirely possible that, in 10 years time, Americans will find it hard to believe that they didn't always have the right to health insurance." (Comment on this story.)

Aside from concern for the well-being of Americans, Europeans had another reason to want to see health care reform pass: Obama's political standing. Obama remains hugely popular in most of the continent, and European papers have treated the health care vote as a measure of the President's ability to push through his other policies. An editorial in Monday's Le Monde newspaper in France, titled simply "A Victory," referred not to the big news in France that day - the left's strong showing in the French regional elections - but to Obama's health care success. The President "succeeded where his predecessors have failed," the paper said, including the deeply unpopular George W. Bush, who it said "abandoned all ambitions on this issue." (See 10 players in health care reform.)

With the health care victory in hand, Europeans will now want Obama to get back to issues more relevant to the continent, Schmitz wrote in Der Spiegel. While American politicians have battled over health care, "every other issue has become a sideshow," he says. "The Afghanistan mission: of marginal interest. Protecting the environment: postponed. Peace in the Middle East: off in the distance. Sanctions against Iran: delayed. Europe: not even worth a trip." Ouch.

MandingoII:

morpheus morpheus morpheus


If this Racist a.s.s. Country BLOW THE FUGG UP, I would not care.

How many times do I have to tell you I HATE white people?

If and when this country flops, I want to be around to LAUGH.

In the meantime, I'm laughing at America's Parent countries, in Europe, WHITE people, struggling.



It excites me!!!

Now why would you want that Diingo. You will blow up wiith it. Aint no body gong to accept yo in Afirca so be careful what you wish for. I don't wish the down fall of any people but I do recognise their faults and if there is one thng good about America is ta it strives to perfect itself even though your feelings are hurt Dingo

Now why would you want that Diingo. You will blow up wiith it. Aint no body gong to accept yo in Afirca so be careful what you wish for. I don't wish the down fall of any people but I do recognise their faults and if there is one thng good about America is ta it strives to perfect itself even though your feelings are hurt Dingo

Americans DO NOT GIVE A FU. C K ABOUT NIGERIANS!!!!!!!!

if they did they would MAKE your Company develop and treat your people better.

Instead all America want is THAT OIL ON THE CHEAP!!!!

they could care less about Africa.

you are a passive a.s.s nigerian, you all talk, while your people suffer.


you will do anything for a naira, y

MandingoII:

Americans DO NOT GIVE A FU. C K ABOUT NIGERIANS!!!!!!!!

if they did they would MAKE your Company develop and treat your people better.

Instead all America want is THAT OIL ON THE CHEAP!!!!

they could care less about Africa.

you are a passive a.s.s nigerian, you all talk, while your people suffer.
you will do anything for a naira, y

Stop repeating what everyone else already knows you like a couple o decades behind men.

As far as being passive.Please. A wiseman knows the enemy he fights and will strategise on the best way to defeat that enemey given hsi capabilities. Thinking with his head and not his emotions. Case in point the look at the outcome of the Chinese who use their heads vs the Arabs who use their emotions. WHo is winning??

You can't stare up any sentimentality with me bro, I am done with all that. Didn't get me anywhere.

MORPHEUS SAYS "Temet Nosce"

The topical issue for the EU is how to deal with the PIIGS' - Portugal, Ireland, Italy, Greece and Spain - sovereign debt crisis.

Greece, in particular, is struggling to pay its debt and has to borrow money at ever higher interest just to repay the interest on existing debts. Greece's options are to cut spending and raise taxes, effectively, a structural adjustment. The fear is that there isn't sufficient political will to do this or even where there is, such cuts will further contract the economy thereby worsening the problem as the ratio of debt to GDP increases.

In the absence of currency union, Greece could have, where the above options proved insufficient, exercised the option of devaluing its currency as a way of managing its debt. It works this way; if Nigeria's Govt's annual budget is 150bn Naira which converts to $1bn and this includes debt interest payment of $100m(15bn Naira) per annum; by devaluing to say 300Naira to 1USD, we will, all things being equal, need only $450m to meet the remainder of our budgetary needs whilst leaving spare cash to pay back the foreign denominated debt. Greece doesn't have this option as it's stuck in the Euro which it has no power to devalue. At some point, countries like Greece and the other PIIGS will have to decide whether their interests are best served by remaining in the Euro. This, more than anything, is the key problem facing the Euro.

It is difficult to enact a single monetary policy for different economies who have different budgets, different levels of debt and consequently, different needs. . . . this is perhaps an unprecedented problem being faced by the Eurozone right now.

Ibime:

It is difficult to enact a single monetary policy for different economies who have different budgets, different levels of debt and consequently, different needs. . . . this is perhaps an unprecedented problem being faced by the Eurozone right now.

You're absolutely right. It's not as if these problems were not foreseen but the prevailing thought was that monetary union will lead to a convergence of the various economies. The present crises does suggest that monetary union, if necessary, should only come after a harmonisation of policies and economic convergence across Europe. If the Europeans had stuck strictly to their eligibility criteria for the adoption of the Euro, a lot of these problems will not arise. Perhaps the solution will be for a lot of the ill-disciplined European nations to be booted out and Euroland shrunk to a more manageable union.

MandingoII:

The EU is nothing but one large welfare state- the stronger states (Germany) support the weaker states (Ireland, Greece, Italy, Spain, Portugal, Austria etc etc etc) It has been a great ride betting against the EU and making money on their collapse- the greatest fund manager of all time said, "its only a matter of time before the European Union becomes the European Disunion, in short less than 2 years." That was last year. Anyone who has ever lived in Europe knows that their system is fundamentally flawed. It was nice while it lasted,


I think the Euro will flop!

Greece said it is going to the IMF for relief, you know what that means,

We Africans need to start now in empowering ourselves as Europe continues to spiral downward. Yes, Europe is on verge of economic collapse, but should we care about Europe?. We need more to focus on what is beneficial to our survival and economic stability in Africa.

Horus:

We Africans need to start now in empowering ourselves as Europe continues to spiral downward. Yes, Europe is on verge of economic collapse, but should we care about Europe?. We need more to focus on what is beneficial to our survival and economic stability in Africa.

@The human race is not in a "RACE' to out do itself. Where one survives, all survive. Do not live like your enemy or you become your enemy. We have always needed each other to survive. The issue is with focusing on preditory survival instincts instead of cooperation which is a unique trait in the Human species,


"Umuntu ngumuntu ngabantu" ( A person is a person through other persons)

May 3 (Bloomberg) -- Euro-region ministers agreed to a 110 billion-euro ($146 billion) rescue package for Greece to prevent a default and stop the worst crisis in the currency’s 11-year history from spreading through the rest of the bloc.

The first payment will be made before Greece’s next bond redemption on May 19, said Jean-Claude Juncker after chairing a meeting of euro-region finance ministers in Brussels yesterday. The 16-nation bloc will pay 80 billion euros at a rate of around 5 percent and the International Monetary Fund contributes the rest. Greece agreed to budget measures worth 13 percent of gross domestic product.

“It’s an ambitious program, it’s austere but it’s absolutely necessary,” Juncker told reporters. European Central Bank President Jean-Claude Trichet, speaking at the same press conference, said Greece’s plan will “help to restore confidence and safeguard financial stability in the euro area.”

Policy makers agreed to the unprecedented bailout after investors’ concerns about a potential Greek default sparked a rout in Portuguese and Spanish bonds last week and sent stock markets tumbling. At stake is the future of the euro 11 years after its creators left control of fiscal policy in national capitals.

http://www.bloomberg.com/apps/news?pid=20601087&sid=alJWdKeR1TDU&pos=1

This will give Europe some breathing space for now. The real danger is the risk of contagion to Portugal and Spain as the bailout costs for those 2 will be massive. If the market reacts positively by not demanding higher rates to lend to Spain and Portugal, Europe will have ample room to continue to bring deficits under control without killing economic growth.

Meeting in Brussels, finance ministers from the 16 countries that use the single currency accepted the need to stump up more than €110 billion ($146 billion) over the next three years. In effect, the rescue funds (€80 billion from the eurozone buttressed by €30 billion from the International Monetary Fund) will replace commercial borrowing from the financial markets between now and 2012. The hope is that will buy Greece time to bring its deficit under control through savage cuts in public spending: Greece has agreed to austerity measures worth 13% of national income over the next four years.

So is this a big leap forward: the start of an economic union willing to transfer vast sums from rich regions to ropier members of the club, in the interests of all? For the moment, scepticism is in order.

http://www.economist.com/blogs/charlemagne/2010/05/eu_rescue_greece

This will give Europe some breathing space for now. The real danger is the risk of contagion to Portugal and Spain as the bailout costs for those 2 will be massive. If the market reacts positively by not demanding higher rates to lend to Spain and Portugal, Europe will have ample room to continue to bring deficits under control without killing economic growth.

Is no one following the mayhem in Europe? This forum is useless!

I hope Obama is taking note. Massive deficits + massive debts = mayhem. If you don't have a credible deficit reduction plan, the market will give you a heavy slap.

Told ya!

Europe is FALLING APART.

The Dow Jones Dropped 983 POINTS!!!!

because of Europe's woes, but most of that was KLEPTOCRACY!

I do hope things will pick up for europe because this situation can get very ugly if they dont.

MandingoII:

Told ya!

Europe is FALLING APART.

The Dow Jones Dropped 983 POINTS!!!!

because of Europe's woes, but most of that was KLEPTOCRACY!

Really?
I have heard the reason was something else.

Million or Billion or maybe MBillion or Bmillion, who knows. Very difficult!!!

Ofcourse it will go belly up. Anything that relies on the government handouts (Socialism) and government controlling everything (Socialism) will definitely go belly up or the government will start dictating what a person can do with their life (communism).

I just hope Africans learn from Europe's mistakes. But ironically the U.S. is not learning from Europe's mistakes and is going in that direction starting with this damned health care overhaul.

Stop giving governments too much power.
They will screw up. heck we know about that in Nigeria.

Europeans are gloating this week. The continent might be struggling with ballooning debts, a faltering euro and national strikes, but when the U.S. House voted in favor of President Barack Obama's health care bill Sunday night, March 21, Europeans seized the moment to thumb their noses at Americans and remind them that they've had pretty good health care for decades.

I bet you they're not gloating now. They wish they never started down that road.

~Lady~:

Ofcourse it will go belly up. Anything that relies on the government handouts (Socialism) and government controlling everything (Socialism) will definitely go belly up or the government will start dictating what a person can do with their life (communism).

I just hope Africans learn from Europe's mistakes. But ironically the U.S. is not learning from Europe's mistakes and is going in that direction starting with this damned health care overhaul.

Stop giving governments too much power.
They will screw up. heck we know about that in Nigeria.

I bet you they're not gloating now. They wish they never started down that road.

that's a lame point, the health care would change millions of lives. the society heads to a safer future. Or else another Chile or prerevolutionary France and Russia.

Kay 17:

that's a lame point, the health care would change millions of lives. the society heads to a safer future. Or else another Chile or prerevolutionary France and Russia.

I support free healthcare in principle but the fact is that the US's financial situation is in serious peril and it cannot afford a major entitlement programme for now.

There are many spending programmes that will change lives but if a society can't afford it, all it is doing storing huge economic problems for the future. It will be nice if the Govt can banish hunger, provide free housing for all, free education to university level,e.tc. It will, however, be stupid to seek to provide these things when you are barely solvent.