Javier Solana: "The European Union is unable to manage itself and is committing suicide"
"We are witnessing a fortnight of infarction. 30% of the global economy not just heal their wounds and the economic crisis shows Europe at its most fierce, "said Solana, after rating agency Moody's downgraded last night in three steps the note that gives sovereign debt of Spain, the current "A3" (remarkably low) to "Baa3" (approved under) and placed on "negative outlook" on the brink of junk status. The differential with the German bond was placed at the opening in the 542 basis points and has come along in the morning to the 550 points, compared to the 529 with which closed yesterday.
Moody's justifies the reduction with the rescue of the Spanish banks it considers "increase" the burden of debt, its "limited" access to financial markets and the "continued weakness" of the Spanish economy.
The eurozone is unable to manage itself
in his article in El País , Solana writes that "today no one doubts that Europe, in particular the euro zone has become the most pressing problem" and that "all eyes are on us." Who was the powerful Mr CFSP, believes the European Union, namely, "the world's largest economy, is unable to manage themselves in a manner consistent with its global responsibilities (...) while the Europeans are suffering and the rest of the world looks dumbfounded how a beautiful story commits suicide. "
The socialist in his article refers to "rescue Spain" and asks: "Who we are caught?". He believes that "the coming weeks are uncertain" and that the situation of the Spanish economy can "splash" to Italy.
"Meanwhile, the Europeans are suffering and the rest of the world is watching how a beautiful muted suicide story. That story of a group of countries, after the darkness of war, were able to cope with a rolled up "never again" to the baseness and an "always yes" to advance towards the future visionary.Now the same can autofracasar. Nobody deserves it, "writes Javier Solana. Link