Is France the real ticking timebomb in the Euro crisis?
Amid the panic, lack of leadership and Alice in Wonderland policies of the Euro Zone, there remains to me a very strong suspicion that we are not being given the truth in all its nakedness.
The latest brain wave from the Eurocrats is that the new head of the European Central Bank will be Italy’s Mario Draghi. yes…that’s the same Italy that is lurking ominously in the queue for banruptcy (and bailout), after Greece & Spain. You really could not make it up could you?
That aside, the stark reality is that there may be a seismic event forming in the shape of a full blown banking crisis in France itself, with all that entails, even sparking a run on the Banks not so directly affected. This, of course, would almost certainly sound the death knell for the grand european experiment, and result in markets chaos across the globe.
Three of Frances most prominent banks, BNP, Crédit Agricole & SocGen have suffered share price slumps of 45 per cent this year, fuelled by fears that they have potentially fatal exposure to sovereign debt from Greece and the other ailing euro zone states.
My opinion is that Greece would have been sacrificed long ago but for the domino effect a default may trigger…..and at the end of that line of dominoes lies Le Francais.
There was press speculation a few weeks ago about the potentially fragile position that France may be in…..and the speed in which the euro propoganda machine moved to rubbish those worries was all too swift and loud for my liking. Me thinks they doth protest too much. Since then, hardly a murmur. All eyes are on Greece. Any economist out of third grade can see Greece is a dead man walking.
Something is brewing beyond Greece….and the people of Europe are being kept in the dark.
I am going to suggest that the reason for all this posturing and death row appeals on Geece’s behalf is just a diversion for the main event……the collapse of the French economy (ergo the Euro itself) when its banking system disintegrates.
And lets face it…the French love a protest or two…