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Spain and Cyprus request bailout

Jun 26, 2012

http://www.reuters.com/article/2012/06/26/us-eurozone-idUSBRE85O0CS20120626

(Reuters) - Finance chiefs of the euro zone's four biggest economies will hold last-minute talks in Paris on Tuesday evening to try to narrow differences on the currency area's future after Cyprus became the fifth country to request a bailout....

Cyprus needs to plug a 1.8 billion euro capital shortfall in its second largest lender by June 30. Potential aid could be more comprehensive to cover fiscal requirements, Finance Minister Vassos Shiarly told Reuters....

On Monday, Spain formally requested up to 100 billion euros in rescue loans to recapitalize a banking sector that is weighed down by bad loans from a burst real estate bubble....

The pressure is on to force Germany to subsidize the spending sprees of other countries. That kind of "solution" is international socialism--take from those who have and give to those who do not have. The Germans obviously object, because they have been much more careful about living within their budget than most of the other nations in the Eurozone. There is a good reason why they have money at their disposal. And there is good reason why the others are broke.

Socialism as an ideology has failed, but it will not collapse until the poor stop demanding free money from those who have worked for it (in a lawful and ethical manner, of course).

Even so, regardless of how careful a nation is, the modern banking system itself must collapse in the end, because the seeds of its own destruction were built into the system. Being careful with budgets will certainly postpone the inevitable collapse, but cannot stop it from happening in the long run.


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Dr. Stephen Jones


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