Slovenia and Spain Must Take ‘Urgent Action’ to Stop Spread of Euro Crisis!
- Slovenia and Spain must take ‘urgent action’ to stop spread of euro crisis!
by http://www.irishtimes.com/
European Commission warns of ‘excessive’ risks to the economic health of two countries
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The European Commission warned of “excessive” risks to the economic health of Slovenia and Spain, calling on both governments to take urgent action to stem the spread of the euro crisis.
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Slovenian banks are likely to need fresh capital injections as over-indebted corporate borrowers struggle to pay back loans amid a double-dip recession, the Brussels-based commission said.
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It said Spain is encumbered by public and private debt. Slovenia’s ailing banks have made it a target for financial markets, with shrinking demand in a debt auction yesterday signaling investor expectations that it will be forced to seek a bailout.
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Spain is already tapping aid for its banking system. Political gridlock and legal snags “have prevented Slovenia from addressing its imbalances adequately and enhancing its adjustment capacity, thus increasing its vulnerability at a time of heightened sovereign funding stress in Europe, ” the commission, which enforces European Union regulations, said in a report today.
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Both countries were given a May 29th deadline to make reforms or risk becoming the first to be punished under a year-old “macroeconomic imbalances procedure” designed to deal with the lagging competitiveness and overstretched banking systems that fueled the debt crisis.
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![Revelation 13 New King James Version (NKJV) - The Beast from the Sea: 13 Then I[a] stood on the sand of the sea. And I saw a beast rising up out of the sea, having seven heads and ten horns,[b] and on his horns ten crowns, and on his heads a blasphemous name. 2 Now the beast which I saw was like a leopard, his feet were like the feet of a bear, and his mouth like the mouth of a lion. The dragon gave him his power, his throne, and great authority.](http://socioecohistory.files.wordpress.com/2013/03/4th_world_empire_beast_10_horns_7_heads.jpg)
The Beast from the Sea: 13 Then I[a] stood on the sand of the sea. And I saw a beast rising up out of the sea, having seven heads and ten horns,[b] and on his horns ten crowns, and on his heads a blasphemous name. 2 Now the beast which I saw was like a leopard, his feet were like the feet of a bear, and his mouth like the mouth of a lion. The dragon gave him his power, his throne, and great authority.