It's very simple - if the European Union saw fit to literally throw Greece to the proverbial wolves (i.e. the detestable IMF), then what is stopping it happening to these three countries?
The plates to be broken here are those of Portugal, Spain and Italy. However, although Italy was cited as being 'in trouble' a few weeks back, to my understanding it really is Ireland that is the actual 'I' in 'PIGS'...at least for now.
'PIGS' is the frankly disgusting acronym given to these four Eurozone countries, all in apparent trouble with their so-called 'sovereign debt'. Greece was in the worst trouble, hence it being sold down the river last week. But the public coffers in Portugal look pretty bad too, as is the case for Ireland. And Spain, the fourth biggest economy in the Eurozone, is said to be in very bad shape too.
So, will the EU allow three more countries to go the way of Greece? Certainly, Portugal and Ireland look quite expendable, for want of a better word. Portugal never seemed to ride very well on the EU bandwagon (must be that 'Club Med-southern European thing', methinks). But it's quite ironic that Ireland is in the 'PIGS club' given that it was a shining beacon of free market, neo-liberal economics until just recently. Ireland was the place to be in the EU, a true 'success story' it seemed - especially for those in IT, direct marketing, business or anyone with a bit of cash or an entrepreneurial streak.
How the tables have turned. Now Ireland is just another basket case. Hmmmm, yet another strike for neo-liberal Friedmanite economics.
And what of Spain? Can the EU really afford to let a country of that size and importance falter and possibly even be in danger of defaulting on its debt obligations? What then? And what will be of the Euro?
How much longer can this madness go on? Are Germany and France going to snub these countries too? Will the IMF simply become the de facto bank for the Eurozone?
For now, I am very worried for these three countries - not to mention all of the European Union.
I am half-Portuguese, a heritage of which I am proud, and I lived in Lisbon for a few years, a city in which I finished my schooling and which I visited every opportunity I had during my university vacations, it being a city I love and know so well. I do not want to see that beautiful country thrown to the dogs.
When will this European club ever finally come together and be united and there for all its members?
After all, is the second word in the letters 'EU' not union? Where is the union in this band of misfits?
Do you get my point?
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