EU on the Brink of Economic Collapse !
European Council President Herman Van Rompuy has called an emergency meeting of top officials dealing with the euro zone debt crisis for Monday morning, reflecting concern that the crisis could spread to Italy, the region’s third largest economy. (Source Reuters).
Economy of the European Union & EU Zone
- Germany – 2.400.000
- France – 1.900.000
- United Kingdom – 1.570.000
- Italy – 1.520.000
- Spain – 1.050.000
- Netherlands – 570.000
- Turkey – 440.000
- Switzerland – 355.000
- Belgium – 337.000
- Poland – 310.000
- Sweden – 293.000
- Austria – 277.000
- Norway – 275.000
- Greece – 237.000
- Denmark – 223.000
- Finland – 171.000
- Portugal – 167.000
- Ireland – 163.000
- Czech Republic – 137.000
- Romania – 115.000
- Hungaria – 93.000
- Slovakia – 63.000
- Luxembourg – 38.000
- Slovenia – 35.000
- Bulgaria – 33.000
- Lithuania – 27.000
- Latvia – 19.000
- Cyprus – 17.000
- Estonia – 14.000
- Iceland – 9.000
- Macedonia – 7.000
- Montenegro – 6.500
- Malta – 6000
When you check out the economics in Europe, you can see that the problems in Iceland, Ireland, Portugal and Greece are peanuts ! When Italy or Spain will need financial help the real shit will start. The Italian economy is over 3 times larger than the economy of Iceland – Ireland – Portugal and Greece together !!!
European Central Bank President Jean-Claude Trichet will attend the meeting along with Jean-Claude Juncker, chairman of the region’s finance ministers, European Commission President Jose Manuel Barroso and Olli Rehn, the economic and monetary affairs commissioner, three official sources told Reuters. Van Rompuy’s spokesman Dirk De Backer said: “It’s a coordination, not a crisis meeting.” He added that Italy would not be on the agenda and declined to say what would be discussed.
However, two official sources told Reuters that the situation in Italy would be discussed. The talks were organized after a sharp sell-off in Italian assets on Friday, which has increased fears that Italy, with the highest sovereign debt ratio relative to its economy in the euro zone after Greece, could be next to suffer in the crisis. A second international bailout of Greece will also be discussed, the sources said. The spread of the Italian 10-year government bond yield over benchmark German Bunds hit euro lifetime highs around 2.45 percentage points on Friday, raising the Italian yield to 5.28 percent, close to the 5.5-5.7 percent area which some bankers think could start putting heavy pressure on Italy’s finances.
Shares in Italy’s biggest bank, Unicredit Spa, fell 7.9 percent on Friday, partly because of worries about the results of stress tests of the health of European banks that will be released on July 15. The leading Italian stock index sank 3.5 percent. The market pressure is due partly to Italy’s high sovereign debt and sluggish economy, but also to concern that Prime Minister Silvio Berlusconi may be trying to undermine and even push out Finance Minister Giulio Tremonti, who has promoted deep spending cuts to control the budget deficit.
We can’t go on for many more days like Friday, a senior ECB official said. “We’re very worried about Italy”.
Monday’s emergency meeting will precede a previously scheduled gathering of the euro zone’s 17 finance ministers to discuss how to secure a contribution of private sector investors to the second bailout of Greece, as well as the results of the stress tests of 91 European banks. Greece is already receiving 110 billion euros ($157 billion) of international loans under a rescue scheme launched in May last year but this has failed to change market expectations that it will eventually default on its debt. Senior euro zone officials worry that progress toward a second Greek bailout, which would also total around 110 billion euros and aim to fund the country into late 2014, is not being made quickly enough and that the delay is poisoning investors’ confidence in weak economies around the region. (Read full article @ Reuters).
Italy needs $600 billion !
The farce is now complete, as the Chinese rating agency Dagong, which was the first one to downgrade the US, reminds the world it is there to lend its weight in destabilizing the ponzi house of cards. From Dow Jones: “Chinese ratings agency Dagong Global Credit Rating Co. said Monday it is putting Italy’s sovereign debt on negative watch for a possible downgrade. The Italian government’s debt accounts for 119% of gross domestic product, with most of the debt coming due in the next five years, Dagong said in a statement. Dagong has often issued controversial ratings. In November last year, it cut its rating on the U.S. to A+ from AA, with a negative outlook. It ranks the U.S. as a riskier borrower than China. Italian debt is in focus at the moment, as spreads between 10-year Italian and German bond yields reached a record 2.47 percentage points on Friday. (Read full article @ Zerohedge).
EU on the Brink of Economic Collapse
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- Western Economy on the Brink of Collapse ! (Updated !)
- 10 Signs the US is on the Brink of Collapse !
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10 things about belief !
10 things about belief !
From : CNN’s Belief Blog
In case you were wondering about all the balloons and cake: CNN’s Belief Blog has just marked its first birthday.
1. Every big news story has a faith angle.
Even the ordeal of 33 Chilean miners trapped underground for more than two months. Even the attempted assassination of Arizona congresswoman Gabby Giffords. Even March Madness. Even – well, you get the point.
2. Atheists are the most fervent commenters on matters religious.
This became apparent immediately after the Belief Blog’s first official post last May, which quickly drew such comments as : See comments at the CNN Belief Blog !
Those early comments presaged an avalanche of alternately humorous and outraged atheist responses on virtually everything the Belief Blog publishes. They’re more evidence that atheists are coming out of the closet to trumpet their disbelief, argue with the faithful and evangelize their godlessness. (It’s worth noting that the Belief Blog does plenty of atheism stories.)
3. People are still intensely curious about the Bible, its meaning and its origins.
It’s an ancient tome, but more than any other book in the Western tradition (with the Quran being the lone exception), the Bible still fascinates us. And it still feeds our most heated debates. In February, a guest post here arguing that the Bible is more ambiguous on homosexuality than traditionally thought elicited more than 4,000 comments. A response post insisting that the Bible clearly condemns homosexuality brought in an equal number of comments – and was the most popular story on CNN.com on the day it was published.
Other Belief Blog pieces about biblical scholarship – including a recent offering about biblical misquotations – have also caught fire. More of us may be reading it on iPhones these days, but the Good Book still matters a lot more than the popular culture lets on.
4. Most Americans are religiously illiterate.
Despite the appetite for stories and commentary about the Bible, most Americans know little about it. A huge Pew survey released in September found that most Americans scored 50 percent or less on a quiz measuring knowledge of the Bible, world religions and what the Constitution says about religion in public life. Ironically, atheists and agnostics scored best. How did you do on the quiz?
5. It’s impossible to understand much of the news without knowing something about religion.
Why did the Egyptian revolution happen on a Friday? Why was Osama bin Laden’s body buried so quickly after he was killed? Why did Afghan rioters kill seven United Nations workers in April? You simply can’t answer those questions without bringing in religion.
6. Regardless of where they fit on the spectrum, people want others to understand what they believe.
That goes for pagans, fundamentalist Mormons, Native Americans, atheists – everyone.
7. Americans still have an uneasy relationship with Islam.
Nearly 10 years after the September 11 attacks provoked many Americans to pay attention to Islam for the first time, much of the country is still somewhat uncomfortable about the religion, which counts 1.5 billion followers worldwide.
The biggest domestic religion story in the Belief Blog’s young life was probably last year’s opposition to a proposed Islamic Center and mosque near New York’s ground zero. And with the 10-year anniversary of the 9/11 attacks approaching, domestic tensions around Islam may flare again. The Arab Spring, meanwhile is raising weighty questions about Islam’s role in post-autocratic regimes, guaranteeing the religion – and its relationship with the U.S. – will be one of the world’s big stories for years to come.
8. God may not prevent natural disasters, but religion is always a big part of the response.
We see it play out every time Mother Nature delivers a punishing blow, from March’s Japan earthquake and tsunami to the recent tornado that flattened much of Joplin, Missouri. Read the Full Article at CNN’s Belief Blog !
10 things about belief
Source
CNN