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Europe's sad rowdyisms
by Thanos Kalamidas
2011-03-26 11:05:52
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While the European Council President Herman Van Rompuy proudly announced that, "We decided a comprehensive package of economic measures... Today almost all the strands of this enterprise have come together," the truth is that the summit postponed every decision for June hoping that Portugal somehow – miracles still happen – will manage to stand up and will not start a domino effect that will draw Spain, Italy and Belgium with her. The semantics behind June conclude with one and only word, elections.

All the agreed measures, economic measures the economic measures, the illusion of unity even the funds for the European Stability Mechanism would have been perfect three years ago, now they look like aspirins for the cancer victims. On top of that and thanks to the new European Council President we found out that there is worst even compared to Barroso something I would have found difficult to believe even a year ago. Barroso made mistakes with his presence only, the new European leadership led by Rompuy makes mistakes with her absents. Any sense of leadership in the European Union is word unknown and Rompuy proved correct all the fears that he was there just to keep worm a questionable anymore seat. And please don’t let me start with the foreign minister of Europe, thanks god Hillary remembers to add the name of Europe sometimes in her speeches to remind that there is diplomacy in the old continent.

The same time Angela Merkel has a year with elections she will probably lose, Sarkozy is losing dramatically and Berlusconi is endangering prison while in Britain David Cameron started realize that honeymoon is over. The rest are there cuing for who’s the next to need urgent economic measures. What all of them missed was that the minute they failed to show their unity for Greece and partnered with IMF for the Greek bailout of the crisis they threw Europe in the worst recession of her history with the most unpredictable results. What the European leadership mainly failed into is admitting the truth even to herself. Europe is in crisis and too afraid or coward to deal with the crisis for the simple reason that there is no plan, the only thing they do is damage control, and that there are not valid predictions on what is coming.

So the European states scared that they are going to be the next ones - just think that Germany’s public debt is 73.4% of the GDP, Italy’s 116%, UK’s 68.2 and Belgium’s 96.1% to get a light idea - first they invited IMF and then they helped Greece first and Ireland then with loans that had smaller interest from the market still much higher for partner states. The reason they did so it was that most of them fear that they are going to be next, they are going to see their credibility falling in the market and that the money they borrowed for the Greek bailout are going to be the overweight for their already too heavy public debt. So hoping that they will manage to postpone the escalation of the crisis until a plan comes out to start with they destroyed the Greek economy – for the next decades the growth of the Greek economy it will be much lower than zero – and secondly they let IMF as representative of the international private trusts and banks to become controller of the European economic future patronizing any effect for growth. And if Germany and Finland with rowdyisms like the ones in the last summit believe that they can escape from the trap, they have better wake up before it is too late.

What will change the next few months? Absolutely nothing! Rompuy will be there and Merkel will be there. Unity and plan will be not there and the rest is just to fill covers for the newspapers and politicians’ campaign speeches, populisms and rowdyisms.

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