Sunday, February 12, 2012

Eurozone states must go back to national currencies: analyst





Source: Press TV
http://www.presstv.ir/detail/226277.html

European states “dump the euro system” and go back to sovereign national currency to resolve the financial crisis that has for months engulfed the eurozone, a prominent analyst tells Press TV.

“The only way out is to, for these countries to dump the euro, go back to their national currency as they had before and then adopt a two-tier credit system of productive credit for real production and a Glass Steagall standard as it was in the United States,” Edward Spannaus, editor of the Executive Intelligence Review said in an exclusive interview with Press TV on Saturday.

His remarks coincide with violent clashes and demonstrations in Greece where thousands of people have taken to the streets of Athens to protest against further austerity measures in return for a new EU bailout package for the debt-stricken country.

Hundreds of thousands of people in Portugal have also staged demonstrations in the capital city of Lisbon against the government's economic policies.

Commenting on daily protests against deep spending cuts and austerity measures across Europe, Spannaus reiterated that the “people will be destroyed” if their governments accept austerity measures.

“The bailouts are not for the countries. They are not for the people. They are for the banks, so if they continue on this course these countries and their population will be destroyed,” he added.

This is while the EU and the International Monetary Fund (IMF) say adopting austerity measures is essential to save eurozone countries from a debt default.

In order to qualify for the new bailout, eurozone finance ministers say Greece must pass the new package in parliament, and impose additional spending cuts of 325 million euros this year.

Austerity cuts have been the cause of several anti-government demonstrations in Greece since early 2011. Many of the rallies have at times turned violent, leaving scores of protesters injured.

The Greek public debt currently stands at around EUR 350 billion, more than 160 percent of its gross domestic product.

Despite the austerity cuts and the bailout funds, which have been aimed at stimulating growth for the troubled economy of Greece, the country has been in recession since 2009.

No comments:

Post a Comment

Thanks for commenting on this post. Please consider sharing it on Facebook or Twitter for a wider discussion.

Russian / Ukraine War - (Mar 08th, 2024)

How the Ukraine War Changed the World - (Mar 01st, 2024)

Redacted - Egypt's betrayal of Palestine - Vanessa Beeley

CrossTalk | Magical thinking - (Feb 28th, 2024)

Hillary Clinton Interrupted & Called Out in Berlin

We don’t want war with Israel, but if they impose it on us, we are ready – Hezbollah

ICJ delivers ruling in favour of South Africa

ICJ ruling | Court stops short of ordering Gaza ceasefire, demands that Israel prevent genocide

South Africa's Closing Argument Against Israel for Genocide at the ICJ

Wider Middle East war. US, UK strike Yemen

U.S., UK Start Another Unwinnable War In Yemen

Geopolitical Storm Brewing from Palestine to Ukraine

How the US Global Order is Challenged - With Pepe Escobar (Nov 20, 2023)

Shahid Bolsen - Message to the Israeli people

Roger Waters - To Whom It May Concern: Please Stop.

US policy slowing down China's economy w/ Jeffrey Sachs

Max Blumenthal s destroys RFKJr's outrageous Israelí Propaganda

Totalitarianism, Censorship and Syria with Peter Lavelle, Vanessa Beeley & Kevork Almassian

Putin shows treaty on Ukraine’s neutrality, signed by Kiev but dumped under Western pressure

Assad's speech at the Arab League Summit - what it means for the future of the region

Assad returns to Arab League

HUGE China brokered deal, Iran & Saudi Arabia restore diplomatic ties

Nord Stream pipeline & sabotaging peace w/Jeffrey Sachs

The Tragedy of Ukraine

Historical Events that Led to the Start of the Ukraine Conflict

Your Wars Will Destroy the Planet - Roger Waters

Healthy Athletes suffer Heart Problems After Getting the Jab