And now the ineptitude of our economic ‘masters’ has lead to violence on the streets of Paris. Not an uncommon thing in Paris but you can’t help wonder if it’s a sign of things to come?
As the cluster of disparate economies known as the eurozone struggles to cope with the oncoming depression, is it prudent to watch out for the health of the emerging banking sector of Eastern Europe as the next source of financial panic in the global meltdown? Austrian banks say EU bailouts are needed to prevent these organisations (their debtors at the end of the day) from collapsing – from this we may deduce their own balance sheets would not withstand such an event either.
The emerging Eastern states received the bulk of EU investment and optimism as the collection of states struggled to move sluggish economies even in the good times – will they prove their downfall in the bad times? And can anyone realistically expect to see a unified EU action on the crisis?