None of the EU grandees want to admit that the euro is a bad design - Athens's austerity program has been "partially derailed", but the crisis will continue to intensify
The crisis is intensifying almost daily said the liberal Member of the European Parliament, Andreas Mölzer in view of today's meeting of the Euro Group in Brussels. "Spain and Cyprus applied for bailout money, but none of the EU grandees want to admit that these grants are meaningless and that the monetary union was badly designed" criticized Mölzer.
In Spain, as they had done in Ireland, grants will actually go to try and rescue banks. "There are losses in solidarity, which are being passed on to the general public. Instead of rewarding irresponsible bankers for their reckless speculation, the EU should push for an insolvency law for banks called Mölzer.
"Just now the government in Athens has admitted that the austerity program is going to be partially derailed”. Greece has shown the lack of will to carry out the necessary reforms, and is likely carry on as it has from the beginning, with no willingness to implement the austerity program. Greece is not a bottomless pit and Athens should therefore leave the euro zone" concluded Mölzer.
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