Disturbing image from Euro leaders on Greece default

[Liability]

Must be viewed accompanied by the tune "Endless Love."

 

[waltky]

Euro system sliding into collapse...

Fears euro system will collapse in debt
Aug. 4, 2011 -- Fears mounted Thursday the system sustaining Europe's debt crisis would collapse amid alarm Italy and Spain were sliding into debt that couldn't be bailed out.

Italy and Spain -- the eurozone's third- and fourth-largest economies and the world's seventh- and 10th-largest -- opened the bond markets Thursday with borrowing rates near the 7 percent threshold that triggered bailout talks with Greece, Ireland and Portugal. French and Belgian bonds opened after seeing volatile trading Wednesday.

European Commission President Jose Manuel Barroso released a statement late in the day saying, "The tensions in bond markets reflect a growing concern among investors about the systemic capacity of the euro area to respond to the evolving crisis." The euro area, or eurozone, includes the 17 European Union countries that use the euro as their common currency and sole legal tender.

Barroso called Italy and Spain's near-unprecedentedly high interest rates and weakening bond prices "a cause of deep concern." European banks own so many bonds issued by their home countries that they are being weakened as the value of those bonds falls. Barroso urged governments to signal "resolve to address the sovereign debt crisis with the means commensurate with the gravity of the situation."

Embattled Italian Prime Minister Silvio Berlusconi delivered an emergency address to Parliament late Wednesday, defiantly warning speculators they were wrong to bet against Italy. He rejected renewed calls for his resignation and vowed Italy would make no more budget cuts or new austerity plans, calling economic growth the country's best defense. "We have sound economic fundamentals," he said.

Read more: Fears euro system will collapse in debt - UPI.com

 

[Swagger]

Must be viewed accompanied by the tune "Endless Love."

Oh come along now, Liability. I would've thought that you at least would've deemed it - like I and the British press would've - sneeringly appropriate to have attached the declaration of, 'I love EU. And I love EU, too' to the sickening picture of Frau Merkel and Monsieur Sarkozy buttering each other up before deliberating at whatever parasitically socialist summit their gangmasters in Brussels ordered them to attend.

 

[Liability]

Must be viewed accompanied by the tune "Endless Love."

Oh come along now, Liability. I would've thought that you at least would've deemed it - like I and the British press would've - sneeringly appropriate to have attached the declaration of, 'I love EU. And I love EU, too' to the sickening picture of Frau Merkel and Monsieur Sarkozy buttering each other up before deliberating at whatever parasitically socialist summit their gangmasters in Brussels ordered them to attend.

'I love EU. And I love EU, too' WOULD indeed have been a better caption.

I LOL'd.