Reply #49: Europe: We’ve Passed Insane and Are Now On Our Way to Full-Scale Looney Tune-Ville

[Demeter]

http://www.zerohedge.com/article/europe-we%E2%80%99ve-passed-insane-and-are-now-our-way-full-scale-looney-tune-ville?utm_source=feedburner&utm_medium=feed&utm_campaign=Feed%3A+zerohedge%2Ffeed+%28zero+hedge+-+on+a+long+enough+timeline%2C+the+survival+rate

...In all honesty, detailing just how insane the whole Europe situation is can actually drive you mad. In the simplest terms, a bunch of countries lied about their true debt situation using derivatives that were created by the banks in order to join the European union,



Years later, these same countries start blowing up courtesy of their debt problems. However, rather than defaulting on their debts (which would hurt the SAME banks that created the derivatives mess) they start trying to borrow even MORE money (thereby going even further into debt) while cutting social spending.



So the bankers keep their bonuses and massive salaries and the citizens get screwed so a failed experiment (the Euro) can limp on for another six months?



And somehow it’s a surprise that the European citizenry is flipping out?



Let’s be blunt here: the Euro in its current form is finished... done… canceled. Greece got a bailout in June and ALREADY is asking for an extension on the repayment. If that doesn’t make it clear that NONE of the bailout money is going to be paid back, I don’t know what will...