The problem with the Eurozone is that a Central Bank regulating fiscal policy for 17 nations with very different economic conditions was never going to work.
As The Australian reported on Wednesday, Italy, Greece, Cyprus, The Netherlands, Portugal and Spain are in recession. But the European Central Bank is Frankfurt is still expected to set monetay policy for these nations, while at the same time the economies of Finland, Germany, Austria and Belgium all grew. France remained stagnated. The idea of one Central Bank is absurd.
- European and US markets collapsed over further fears about Greece and Spain as reports emerged customers of Spain's fouth largest bank, Bankia had withdrawn nearly 1 billion euros (A$1.279 billion). Shares in Bankia have collapes 27%
- Spain has been forced to sell bonds at less than half their value
- European Central Bank has stopped loans to several Greek banks, while shares in financial institutions continued to slide after reports that they stand to lose £335 billion (A$533.274 billion) in a Greek default
- Public support for the UK remaining in the EU slumped to record lows. 54% now call for a withdrawal, while only 34% want to stay in
- Excellent speech by Nigel Farage MEP, leader of UKIP on ''Europe Day''