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At Risk Eurozone Sovereign Credit Ratings

By       Message Stephen Lendman     Permalink
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opednews.com Headlined to H3 11/30/11

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Imagine asking Italian workers to rescue the country that sold them out. Imagine asking Germany's $3.5 trillion economy to rescue other Eurozone ones with a combined $9 trillion GDP.

It's high time solutions accepted reality. Europe's monetary union failed. Combining 17 dissimilar economies under one system was doomed from day one. It was just a matter of time and circumstances. They've now arrived.

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The main issue is will anything do more than buy time? Adding more debt compounds today's crisis. Rising sovereign debt bond yields say so. So do credit rating cuts on Portugal, Belgium and Hungary with more coming.

Talk is increasing about the troubled Eurozone dissolving. UK financial regulator Andrew Bailey believes it's "within the realm of contingency planning." 

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Others say breaking up is an idea whose time has come. It's hard to do, but bad unions are worse. Doomsday scenarios are mentioned, including separating strong countries from weaker ones. Historically, monetary and fiscal union succeeded only in America.

Other troubled countries include Japan. It's coping with a staggering 200% debt/GDP ratio, far greater than EU economies or America. Even China's looking less rock solid. Its industrial sector contracted and export volume slowed to single-digit volume.

Contagion is spreading everywhere. It hit Greece two years ago, then Ireland, Portugal, Spain and Italy. 

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Spain's economy is double the size of Greece, Ireland and Portugal combined. It's mortgage, commercial loans, and other debt can bankrupt Europe. Its impact would affect nations globally. It's running out of time. It's heading rapidly for default. 

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I was born in 1934, am a retired, progressive small businessman concerned about all the major national and world issues, committed to speak out and write about them.

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