The Pigs’ Debt. By Beppe Grillo

Via: Beppe Grillo’s Blog.

Five Countries constitute the so-called PIIGS of Europe, namely Greece, Spain, Portugal, Ireland and Italy. “We’re five little piglets, five little brothers and no one will ever tear us apart, tralalalala!!” Contagious pigs, carriers of swine plague. A plague called debt, with which they have infected Europe. When one of the Pigs defaults, its creditors are also at risk of bankruptcy. The other European Countries must rescue the Pigs in order to save themselves. In terms of debt to European nations, Greece owes 236 billion Dollars, Portugal owes 286 billion, Ireland owes 867 billion, Spain owes 1,100 billion and Italy, the most contagious of all, owes 1,400 billion. The Pigs are even indebted to each other. Greece owes Portugal 9.6 billion Dollars, which in turn owes Spain 58 billion, which in turn owes Ireland 14 billion. Public debt is like a game of smoke and mirrors in which everyone involved could be left holding the baby. If Greece were to fail, Europe could still survive because the effects of Greece’s debt with other European Countries are still manageable. However, if Spain or Italy were to fail, the Euro would cease to exist. The greater the level of public debt of one of the European Pigs, the faster the spread of the contagion and its destructive effects. Via their public debt, the PIIGS have passed on part of their illness. They have lived well beyond their means, using the means of others. The contagion has already begun. Italy, the European Country with the highest public debt, has three major creditors, which it can bring down whenever it wishes (this is the power of debt), namely Great Britain, to which we owe 77 billion Euro, Germany with 190 billion and France with 511 billion. Italy’s debt to France amounts to 20% of our GDP. In other words, Italy has ceded part of its National sovereignty to France (they party that holds your debt is your master, that is until such time as you fail completely). This explains the unseemly haste to import French nuclear power stations into Italy. It is what Sarkozy wants! Italy’s debt to France is equivalent to no less than five nuclear power stations. Europe is held together by interconnected debt.. The most important debt hub of all is Italy. Now, at the time of this Country’s 150th Anniversary, there is something to be proud of. No other Country can match Italy’s power to make Europe fail and perhaps we may still succeed! Pigs are born and, modestly speaking, we were born a Pig.

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