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The Euro Debt Shell Game « Getting at the truth

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The Euro Debt Shell Game

It is so very simple: The Euro-crisis is a result of Germany’s second invasion of continental Europe. (The first invasion took place in WWII.)

The Euro favors the Germans as it makes their goods less expensive for other European countries. The countries of Southern Europe, particularly Greece find their products  and services, including tourism, to be more expensive—thanks to the Euro.

The only thing that can save Greece is to drop the Euro and return to their own currency—which will be valued lower than the Euro, and bring business back to Greece. The same goes for Italy, Spain, and Portugal.

Of course, Germany doesn’t want this as German goods and services will be more highly priced, being in Euros and Germany’s exports will drop.

Below, is a spreadsheet showing the spread of European Euro debt. In it we see a veritable shell game. The Euro-zone countries are begging, borrowing and lending from each other—robbing from Peter to pay Paul. Or more accurately, robbing from the taxpayers to bribe the voters and grease (no pun intended) the banks.

Will the likes of Italy and Greece liberate themselves (once again) from the clutches of Germany?

Stay tuned…


Country Govt dept in billions of Euros Debt as % of GDP The National Debt Shell Game The solution to it all
Greece € 329 165.6% Greece is heavily indebted to all Eurozone countries.  It owes nearly $74 billion to Germany and France. Greece is too expensive because of the value of the Euro. The country needs to have its own currnecy to compete.
Italy € 1,842 121.1% Italy owes over $350 billion to French banks.  Any problem in Italy is also France’s problem. Italy, is in much the same situation as Greece. Bring back the Lira!
Portugal € 161 106.0% Portugal is highly indebted to Spain, and its banks are owed over $10 billion by Greece. Nothing can (ever?) be done for Portugal. A basket case.
Belgium € 341 94.6% France is Belgium’s largest European creditor. Belgium is not big enough to matter.
France € 1,591 86.8% France is highly exposed to Italian debt, to the tune of $365 billion, and is owed large amounts from many other Eurozone countries. France is subject to the spreading contagion from the south.
Germany € 2,061 82.6% Germany is highly exposed to Spanish debt.  321billion  Germany wants for Greece and the others to keep the Euro. This way, Germany can sell to countries like Greece – whose goods are too expensive to sell to Germany. A winning game a losing game for Greece.
United Kingdom € 1,349 80.8% Britain has liabilities of nearly $20 billion in Portugal but owes hundreds of billions to banks in Germany and Spain. Cleverly, England stayed out of the Euro and kept the Pound.
Austria € 206 72.3% Austria owes $86 billion to Italy, by far its largest creditor in the Eurozone. Austria is not big enough to matter.
Spain € 642 67.4% Spain owes $235 billion to France and Germany.  The United Kingdom owes Spain over $325 billion. Like Greece, Spain’s only hope is to have its own currency.
Netherlands € 370 65.5% The Netherlands is exposed to Greek and Italian debt. The Netherlands are not big enough to care about.

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