Germany must choose European Monetary Union fusion or fission!

Ambrose Evans Pritchard writes on the EU!

"All that has occurred so far is that Irish and Greek taxpayers have taken on fresh debt so that creditors do not crystallise losses. It remains a disguised rescue for North European banks and insurers. As the Left always warned, monetary union is a “bankers’ ramp”.

Perhaps this bank rescue is necessary to buy time for a fragile financial system. We saw instant contagion through half of Europe when Mrs Merkel called for bondholder haircuts in October. It was she who clumsily set off the final Irish crisis. But if EU banks are so vulnerable, how did so many pass their stress tests in July?

Ireland perhaps has a theoretical chance of surviving Merkel’s penal rates. How its democracy will react to this is an open question. A Fine Gael-led government may be elected this week. We will find out how long Ireland is willing to suffer debt servitude to pay German, British, and Belgian banks."

Greece has no theoretical chance. Nobody other than those paid to apologise for this travesty of a policy believes Greece can escape a compound interest spiral under an EU-IMF regime that will push public debt to 150pc of GDP."

I say fission!

The whole thing was a con for the big bankers to enter the markets of other European economies, extend their pool of speculative ( real estate) investments and reap enormous profit while ignoring the potential risk of their ventures. Now that reality has set in, they are forcing the taxpayers to carry the burden of bailouts packages on their back rather than been allowed to go bankrupt like the market requires!