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Jean Marie Eveillard continues:


“If the Greeks leave the eurozone, then maybe Portugal will.  And if Portugal leaves, then maybe Spain and Italy would be under attack.  The big problem, of course, is the solution would be a European government.  I mean the initial mistake twelve years ago was to have a monetary union, but not a fiscal union.  


There is an ECB, but the government taxes and spending are still the responsibility of the various nations within the eurozone.  That never made any sense, but it worked for ten years and now it doesn’t. 


The European government is not for tomorrow.  So meanwhile, they are trying to buy time.  How long can they buy time?  Well, never underestimate the ability and the willingness of the politicians to buy time.  That’s their specialty....


Continue reading the Jean Marie Eveillard interview below...  




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“The government (of Greece) may be small, but the debt is big for a country that small.  There are lots of commercial banks and other entities who own it (Greek debt) throughout Europe, and they will have to take a major loss.  They probably will have to take a major loss anyway. 


I was reading an interview with the German Bundesbank President, Mr. Weidmann, and basically he said, ‘It’s not a matter of the Bundesbank fighting for itself.  We represent the German taxpayer and we have to do what’s right by the German taxpayer.’  He’s right.


So there is a reluctance, a fear among the German people and the German politicians that’s associated with not wanting to accommodate the Greeks or others too much. Because in the end, it’s the German taxpayer who will end up footing the bill.”  


When asked about fears of a domino effect resulting from a Greek default and exit from the eurozone, Eveillard responded, “That’s the fear.  If Greece were to leave the eurozone, whether there would be contagion and Portugal would be gone soon.  Then Spain and Italy shortly afterwards.  


Nobody knows, but there is a fear that would be the end result.  That fear is big enough that nobody wants to see Greece go and run the risk it doesn’t stop there.  But frankly I don’t see any solution and eventually I wonder how much time can be bought?  Yeah, as I said before, politicians they are skilled at that.  But at some point they kick the can down the road and then there is no road left.”


Jean-Marie covers the gold market, global stock markets and much more.  The KWN interview with Jean-Marie Eveillard is available now and you can listen to it by CLICKING HERE.  


© 2012 by King World News®. All Rights Reserved. This material may not be published, broadcast, rewritten, or redistributed.  However, linking directly to the blog page is permitted and encouraged.


Eric King

KingWorldNews.com

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