- The Eurozone is about to collapse triggering a global meltdown! It is not possible to bail out France and Italy. They are Too Big To Bailout (TBTB)! Any attempts to create a massive amount of money out of thin air to bail them out will result in a Euro collapse!
Gordon Brown: France and Italy may need a bail-out!
By Robert Winnett, http://www.telegraph.co.uk/
World leaders must draw up a “concerted global action plan” to deal with the eurozone crisis at next week’s G20 summit as countries including Italy and France may need international assistance, Gordon Brown has warned.
The former prime minister said that the “standard but often empty” plans usually agreed at such summits will “not do when the euro area is finally approaching its own day of reckoning”. He warned that the crisis threatened to spread and lead to Italy and even France requiring bail-outs.
Mr Brown made the rare intervention amid mounting concern that the re-run of Greek elections tomorrow will lead to the country being forced out of the euro. If the Syriza party plays a key part in forming a new Greek government, its refusal to agree to cut spending is expected to lead to the country being ejected from the single currency. Fears are mounting that “contagion” could spread quickly to countries such as Portugal and Spain, which would need international financial assistance.
There is growing speculation that central banks, including the Bank of England and American Federal Reserve, are on standby to inject billions of pounds into the global economy if necessary on Monday. Angela Merkel, the German chancellor, François Hollande, the French president, and other eurozone leaders are understood to have delayed leaving for the G20 summit in Mexico until Monday morning.