Confidential Memo - European Nations NEED L$16 TRILLION For Bailout!

L$16 TRILLION - YES TRILLION Needed for European Countries! Confidential Memo leaked from Brussels.

Link to article: L$ 16 Trillion Needed for Banks in Europe

“Estimates of total expected asset write-downs suggest that the budgetary costs – actual and contingent - of asset relief could be very large both in absolute terms and relative to GDP in member states,” the EC document, seen by The Daily Telegraph, cautioned.

"It is essential that government support through asset relief should not be on a scale that raises concern about over-indebtedness or financing problems.”

The secret 17-page paper was discussed by finance ministers, including the Chancellor Alistair Darling on Tuesday.

National leaders and EU officials share fears that a second bank bail-out in Europe will raise government borrowing at a time when investors - particularly those who lend money to European governments - have growing doubts over the ability of countries such as Spain, Greece, Portugal, Ireland, Italy and Britain to pay it back.

So, I wonder how the PEOPLE of the European Nations will take this information? $16 Trillion is something that does not even seem possible - there is no way governments can come up with that amount.

If they tried, then the reality is the Whole World will go Zimbabwe - except for China.

One thing I would bet though..... I bet the people in Europe won't just sit back - like we have in the U.S. and let ALL THEIR money go to Banks especially those kind of figures!



[edit on 14-2-2009 by questioningall]

reply to post by questioningall I doubt the figure is actually that high, but no doubt it is high.   I do agree that folks will take to the streets, because they don't want their social benefits taken away.  The vast amount of Europeans don't have any money.   They have jobs that provide them with basic needs and then rely on the government for everything else.   35 hour work weeks, free college, free medical care, mandated vacations.  Start taking that away and folks will take to the streets.   There is a big problem though.   The real wealth is very consolidated in Europe and while "regular" folks will take to the streets, folks with money will take to the air and move all of their money off-shore.   This has largely happened already.   I'm an American living in Italy and have also lived in the UK.   Italians by and large don't have money.  They have the lowest birth rate in the world (lower than Japan) and within two hundred years will all but be gone and Italy will be run by North Africans and folks from Latin America - it is frankly very surprising how  many folks are here from central and south America.Bottom-line is that they will not be able to pay for the social net for much longer.  The system has failed and despite the fact that I think that European's have a terrific lifestyle, it is not sustainable.   Those on the dole want to stay on the dole.Take a look at three countries - Ireland, Germany and GreeceIreland - once one of the poorest cities in the UK/Europe.  Now doing fantastic.  Why - because they rejected the entire socialist model of the EU.  Slashed taxes, encouraged business and now Ireland is doing extremely well.  Dublin is one of the most expensive cities over here as jobs are flowing to Ireland and away from England and the rest of the countries over hereGermany - they have a manufacturing base and Merkel just refused to bail out their banks.  She is willing to let them fail as she thinks there is enough of a banking system to survive.   The gents in Brussels are hammering her as they don't want Germany to be vastly superior in a financial sense as the rest of the EU.Greece - they have a debt to GDP ratio of over 100%.  They don't really care as they have a shared currency with the rest of the EU and the small impact on the EU that Greece represents, they really will not suffer should they become a failed state.   Once Greece goes, Spain and Portugal are right behind them.  The northern countries within the EU are not going to take it and the union will fracture.It is a mess and we in the US should take it as a model, because that is where we are heading.

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