Debt threatens democracies in EU

Victor Joecks

Will we heed the warnings of Europe?
Says … EU Commission President Jose Manuel Barroso.

John Monks, former head of the TUC (Trade Union Confederation), 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.’ …

The looming bankruptcy of Spain, one of the foremost economies in Europe, poses far more of a threat to European unity and the euro project than Greece.

Greece contributes 2.5 percent of GDP to Europe, Spain nearly 12 percent.

Think about that. Debt threatens to overthrow a government. Debt is a real threat to the sovereignty of major countries around the world.

And who’s standing in the way of saving European democracies? Public employee unions. Sound familiar?

Mr Monks said union barons across Europe were planning a co-ordinated ‘day of action’ against the cuts on 29 September, involving national strikes and protests.

Let’s hope that the leaders (and citizens) of a country that has a $130 trillion national debt are paying attention.