Europe-wide effects of Fiscal Treaty policies
International Impoverishment, Made in Germany
The German austerity dictat is leading to new economic and social turbulence in the indebted counties of the southern Euro-zone.
Spain, compelled in late March to make financial cutbacks totalling 27 billion Euros, must extend its austerity program to a total of 37 billion Euros. An increasing number of debtors cannot repay their credits on time. With their backlog of 143,8 billion Euros, the country's banks, in fact, can only refinance themselves through the European Central Bank.
Italy is also slipping into the downward spin of cutbacks, growing unemployment, decreasing purchasing power and increasing social spending and, like Greece a few years ago, must already readjust its savings goals.
Greece has been fully drawn into this development. Last year, 68,000 enterprises went bankrupt - the volume of incoming orders has dramatically shrunk. A high number of bankruptcies is also expected this year.
This offers German enterprises good opportunities for acquiring the fillet morsels of state enterprises at rock-bottom prices.
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