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Bankers' Dictatorship
Demanded for Europe

Feb. 2, 2010 (EIRNS)—The only option being offered to the nations of Portugal, Italy, Ireland, Greece, and Spain (or PIIGS, in London's sadistic lexicon) is to impose fascist austerity on their populations. This message was delivered in straight forward manner by the Jan. 30 Economist and the Feb. 2 Financial Times, both prominent mouthpieces for the British Monarchy's financial interests. After the banks of the Anglo-Dutch financial system made loans to these desperate countries, the the European Union (EU) bureaucracy comes in as the enforcer, armed with the new powers it has under the Lisbon Treaty.to enforce brutal austerity.

The Economist insists that the PIIGS must do as Ireland has done: "The Irish government has torn up its 30-year social compact with employers and unions. It has slashed public spending and made sharp cuts in pay. Indeed, pay is now falling across the whole economy"—clearly a delightful outcome, as far as the Empire the British financial empire is concerned.

As the Financial Times reports, the EU states have borrowed a record Euro110 billion since the start of the year, with investors saying that yields will rise on not only Greek debt, but also Spanish, Portuguese, and Italian debt. The London Times quotes one speculator warning of a sell-off of Eurozone government debt "if there is any sign from politicians that they are not prepared to tackle their debt levels." Another source reports to the Financial Times that Deutsche Bank has told investors to sell debt of so-called "peripheral European nations," meaning Spain, Greece, Portugal, and Italy. The rates on 10-year Greek bonds have been driven up to 7.15%, a percentage point higher than last week. Bloomberg reports that investors have pulled EU13 billion out of the Eurozone in the last weeks, no doubt from these very nations.

Then come the imperial administrators of the EU—the hitmen. The Greek daily Ekathinerini reports that the European Commission will publish its judgment on the Greek "Stability and Growth Program" which will be followed by demands for more cuts if it fails to cut its budget deficit from 12% to 3% of GDP over the next three years. The daily then writes, "Such a recommendation can be issued under the new EU treaty when the economic policies of an EU member are not in line with broad policy guidelines adopted by the bloc risk jeopardizing the proper functioning of the 16 nation Eurozone."

In this, as in the rest, Greece is merely a secondary testing ground for policies of fascist austerity and the end of sovereignty, that London means to apply across Europe. Thus, City of London mouthpiece Ambrose Evans-Pritchard, writing in today's Daily Telegraph, reports on the EU demands that Athens make deep cuts in "average nominal wages" across the entire public sector, cut pensions, raise the retirement age, increase the fuel levy, and impose luxury taxes. And fascist EU Economics Commissioner, Joaquin Almunia said that the cuts will be enforced rigorously: "Every time we see or perceive slippages, we will ask for additional measures to correct these slippages. Never before have we established so detailed and tough a system of surveillance."

Dutch Finance Minister Wouter Bos, in an interview on the Dutch business channel RTL Z quoted by Reuters, said "We all know that if Greece doesn't solve their problems, the market will, and already is, focussing on the next weak link. That's Portugal, Ireland's next, and then Spain. And then you'll get a domino effect," said Bos.