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Portugal – the Dam Breaks …

12 Jan

Ambrose Evans-Pritchard once more – this time he IS right!!

“My sympathies to the Portuguese people who are not to blame for the foolish illusions of their governing elites. And remember, Cara Nação, this bail-out is not for you: it is for European banks exposed to Portuguese debt, just as the Irish and Greek bail-outs were in reality rescues for German, French, Belgian, Dutch, British, and Spanish lenders that ran amok during the credit bubble. But you pay.

European governments (and the USA) are once again being cowards in face of the banks. It’s a quadruple whammy:

– we bail them out at vast expense
– we bail out entire countries in Schtuck because of the bankers AND the EQUALLY feckless governments
– we can’t get loans, get no interest on our savings and suffer cut-backs and job losses
– they continue to get their vast bonuses
– ONE cretin says: “The time for apologies is over.”

“Disgrace” is I think the word.

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