EUROZONE TURMOIL: Spain, Italy and Greece owe massive debt of €1 TRILLION to ECB
Analysts condemned the “flawed economics of this reckless [EU] experiment” and said the ECB faces a rude awakening as states crumble under the burden of debt.
Market conditions in Eurozone are showing signs of a return to the conditions that sparked the 2011 European debt crisis which first reared its head in 2009.
The ECB uses a system called Target2 to assess levels of debt and the bank’s data appears to show it is only a matter of time before the current system breaks.
They bought into the concept of an EU gravy train, without questioning the flawed economics of this reckless experiment
Fuller Treacy Money analyst David Fuller
At the time several eurozone member states including Greece, Portugal, Ireland, Spain and Cyprus were unable to repay or refinance their government debt.
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