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Europe in freefall - Belgium could be next to need help - Scotsman.com News

The Iberian countries of Spain and Portugal had been most analysts' favourites to be next to seek financial aid, however Belgium's crisis-hit political system and threats of separation by the Flemish part of the country have made it even more vulnerable.
The divisions have been made worse by the two groups' views on how to deal with the economy.
The majority of Flems want austerity measures similar to the UK, but the more socialist-inclined Walloons have managed to block major government cuts.
In the past, comparisons have been drawn with a push for separatism for Scotland, but unlike the UK the split in Belgium has destabilised the country's government.
Yesterday the caretaker Belgian government denied that it was in trouble, arguing that, unlike Greece, Ireland and Portugal, most of its debt is owned by Belgians. The Belgian government also said it was in a better position than the UK.
Germans are thought to be getting nervous about the way they are being asked to pay up loans for weak European economies because they are all part of the same currency.
"I'm more confident than this spring that the European Union will emerge strengthened from the current challenges," Ms Merkel told business leaders in Berlin.

Was she speaking from a bunker about the glorious victory which is just round the corner, and insisting the noise outside is just thunder...

Comments

"Germans are thought to be getting nervous about the way they are being asked to pay up loans for weak European economies because they are all part of the same currency."

That's a whopper of a lie. Germans are being told to pay up because European politicans and European banks have all the power and wish to maintain a smidgen of prestige despite it being partly their fault Europe's economy is in the shit. If they still had the DM they would be being bounced into propping up failing nations and businesses all the same.

It does not really matter if your country is the first, fifth or fifteenth domino to fall. It still falls. Unfortunately it is clear that the dominoes will fall as per:

http://lovefreedomtruth.com/2010/11/sovereign-default/

Basically the debt and interconnections are too large to stop the cleansing occurring. And it is cleansing. Until the debt is cleared the developed world can not recover. There is no going back for any length of time to levels of credit expansion and consumption that predated the GFC. At least not without first going through the purging of debt and commencing renewed growth from a solid base.

Money the Government squandered will be missed. It will be needed for fuel and food for the people. None of it should have been recycled into banker or regulator bonuses.

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