EUROZONE TURMOIL: Spain, Italy and Greece owe massive debt of €1 TRILLION to ECB | WHAT REALLY HAPPENED


EUROZONE TURMOIL: Spain, Italy and Greece owe massive debt of €1 TRILLION to ECB

EURO states owe the European Central Bank (ECB) a staggering €1trillion as they teeter on the verge of bankruptcy amid warnings a debt bubble is on the horizon.

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.

At the time several eurozone member states including Greece, Portugal, Ireland, Spain and Cyprus were unable to repay or refinance their government debt.

They were bailed out through assistance of third parties including Eurozone countries, the ECB, and the International Monetary Fund.

But Spain, Italy, Greece and Portugal are racking up debts they will never be able to pay off.

Webmaster's Commentary: 

This is going to get very economically ugly, and very quickly.

The UK had the absolute right idea with its "Brexit" of the EU, and may well have gotten out barely just in time. But as the following article indicates, Europeans may well have to pony up for EU countries' expenses they did not, themselves, sign off on, or create:

EU TAXPAYERS BRACE AS DEEPENING BANKING CRISIS MEANS EURO-TARP LOOMS

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