Spanish bailout readied as EU chief warns ‘democracy could disappear’ in debt ridden states
June 15th, 2010
This is a stick-up.
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Jason Groves, Daily Mail
June 15, 2010
EU begin emergency billion-pound bailout of Spain, countries in debt may fall to dictators, EC chief warns
Democracy could ‘collapse’ in Greece, Spain and Portugal unless urgent action is taken to tackle the debt crisis, the head of the European Commission has warned.
In an extraordinary briefing to trade union chiefs last week, Commission President Jose Manuel Barroso set out an ‘apocalyptic’ vision in which crisis-hit countries in southern Europe could fall victim to military coups or popular uprisings as interest rates soar and public services collapse because their governments run out of money.
The stark warning came as it emerged that EU chiefs have begun work on an emergency bailout package for Spain which is likely to run into hundreds of billions of pounds.
A £650 billion bailout for Greece has already been agreed.
John Monks, former head of the TUC, said he had been ‘shocked’ by the severity of the warning from Mr Barroso, who is a former prime minister of Portugal.
Mr Monks, now head of the European TUC, said: ‘I had a discussion with Barroso last Friday about what can be done for Greece, Spain, Portugal and the rest and his message was blunt: “Look, if they do not carry out these austerity packages, these countries could virtually disappear in the way that we know them as democracies. They’ve got no choice, this is it.”
‘He’s very, very worried. He shocked us with an apocalyptic vision of democracies in Europe collapsing because of the state of indebtedness.’
Greece, Spain and Portugal, which only became democracies in the 1970s, are all facing dire problems with their public finances. All three countries have a history of military coups.
Federal Auditor General Sheila Fraser will be permitted to conduct a performance audit of how parliamentarians control their budgets, but won’t audit the individual spending of all MPs.
Canada’s final summer of combat in Kandahar will be marked by intense fighting, the commander of Canadian Forces overseas said Tuesday, striking a markedly different tone from the one he gave just over a month ago.
OTTAWA — The New Democratic Party pulled out of an agreement on parliamentary access to Afghan detainee documents Tuesday, saying there will still be too many secret government papers and the truth may never come out.
Prosecutors in
The NYT has taken something of a beating for its big