Greece is Now Irrelevant. Watch Spain and Germany
by Phoenix Capital Research
Earlier this month, Spain began “rocking” the EU boat by telling the EU it wasn’t going to meet the new EU fiscal requirements.
Spain’s sovereign thunderclap and the end of Merkel’s Europe
As many readers will already have seen, Premier Mariano Rajoy has refused point blank to comply with the austerity demands of the European Commission and the European Council (hijacked by Merkozy).
Taking what he called a “sovereign decision”, he simply announced that he intends to ignore the EU deficit target of 4.4pc of GDP for this year, setting his own target of 5.8pc instead (down from 8.5pc in 2011).