Quote Originally Posted by Neuro View Post
As with Greece, Spain would have been better off never having entered the Euro. They have never been a fiscally responsible country (like all Mediterranean countries), and they were doing excellent with their weak and mildly depreciating (around 5-10% annually vs the D-Mark) currencies... People had work, because Northern Europeans came as tourists and bought holiday homes, because it was cheap. The Euro has been like an atomic bomb on southern Europes economies, total devastation...
The EU was designed to fail from the inception. Imagine imposing the same currency and interest rates on countries with vastly differing growth, trade balances and market risks. It was predictable that the southern nations would overleverage given below-market interest rates. The PIIGS were literally enticed into debt by teaser interest rates. Now, short of selling off their sovereignty, they can never pay back the money. IMHO, it was all a setup to bring about the NWO.