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Ambrose Evans-Pritchard: Europe's betrayal of Spain (Daily Telegraph, September 27th, 2012)
Today [Rajoy] will announce a fresh round of austerity measures to meet EU targets that cannot be met, adhering to reactionary strategy of "internal devaluation" imposed by Germany that is destroying his country.

And now he has just been betrayed by the German bloc anyway. Es el colmo. If he were to request full sovereign rescue, he would most likely be shafted again. Who can blame him for dragging his feet?

The temptation to tell the Germans and Dutch to go to Hell - and to pull the pin on their banking systems - must be growing mightily. Desperate men do desperate things.

I don't think there's a single line in the analysis that I'd object to.

I distribute. You re-distribute. He gives your hard-earned money to lazy scroungers. -- JakeS
by Migeru (migeru at eurotrib dot com) on Thu Sep 27th, 2012 at 06:19:09 PM EST
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