EU Finance Ministers Are Clueless, As Euro System Disintegrates

February 16, 2010 (LPAC)—Jean-Claude Juncker, the Luxembourg Prime Minister who chairs the Eurogroup, emerged from the Feb. 15 meeting of Finance Ministers of the 16 European nations using the euro, to announce to the expectant world media the results of their urgent latest discussion of the "Greek" crisis: nothing.

The assembled Finance Ministers took the occasion to further beat up on Greece, demanding that they impose more, and more, and yet more austerity; but no concrete steps were announced, nor bailout package revealed, because Germany remained firmly opposed to picking up the tab and bailing out the banks and derivatives traders. The only thing agreed upon, was that they would "monitor" Greece's "progress," and send in a team from the EU, the European Central Bank, and the International Monetary Fund in March, to pronounce their verdict.

Predictably, the euro headed for a nine-month low against the dollar on Monday, "as investors grew increasingly nervous about the absence of any quick bailout package," as one wire service put it.

"These guys are clueless," Helga Zepp-LaRouche commented today, "and meanwhile the clock is ticking on sovereign defaults not only in Greece, but across the entire eurozone."

Lyndon LaRouche also emphasized that while people continue to focus on Greece, the situation is actually far worse in Spain and Portugal, where the assets of banks like Santander are totally fake, and are cross-related. For that reason, only a total reorganization-in-bankruptcy of the international financial system, such as that proposed by LaRouche, in which banks and other institutions are sorted out along Glass-Steagall standards, can defuse the otherwise certain explosion.

The Octopus Known as Banco Santander

http://www.larouchepac.com/lpactv?nid=13559