Nigel Farage throws egg in Eurocrat faces

[The LION will ROAR]

'Who the Hell You Think You Are?' Nigel Farage throws egg in Eurocrat faces


November 26, 2010 — British politician and the leader of the UK Independence Party (UKIP) Nigel Farage has slammed EU bosses over European crisis. "It's even more serious than economics because if you rob people of their identity, if you rob them of their democracy, then all they are left with is nationalism and violence. I can only hope and pray that the Euro project is destroyed by the markets before that" - Farage said at the end of his speech

I like this guy's Mr Nigel Farage has the guts to stand up to EU..
Well said

[Bill77]

Yeh he is alright

would love to get his email and send him plenty of pats on the back.

[DirtyCodingHabitz]

Nigel Farage is my European hero . You can follow his party on YouTube here ukipmedia subscribe to their channel to get the latest videos .

[Onur]

He is so right about this. I already wrote this several times here, if EU countries goes in serious economical crisis, then the first effects would be increased hate towards all the immigrants and the rise of nationalism to the leadership in the elections. The worst thing is; western European sense of nationalism usually means hate towards others.

This is so obvious.

[George S.]

we need someone like that maybe the politicians can watch & learn how to have the balls & tell the eu off.

[fyrOM]

Good on Nigel. He speaks sense anytime you see him. I am so jealous…where is our Australian Nigel.

I don’t know that Macedonia is ready for a Macedonian Nigel…he looks too logical. Macedonia is still a mafia state where crooks hold high positions eg Crvenkovski and his cronies at A1 and some in the judiciary to name a few. Only a sly prick with a good hart can pave the way for a Macedonian Nigel. Lets hope the current government is up to the task.

[The LION will ROAR]

First Greece, then Ireland - Europe's debt problem has gone from bad to worse
After German Chancellor Angela Merkel's comments on bondholders, the single currency finds itself skidding ever closer to collapse.

Another week, another crisis for the euro. In April, the single currency wobbled as Greece was rescued. This week and last, Ireland sparked the panic. Next week, if the markets are to be believed, it'll be Portugal. Then Belgium. And, finally and fatally, Spain. On current trends, the euro is in for another roller-coaster month before it splinters, having crashed into the safety barrier.

If such a scenario was being sketched by the euro's detractors, it would be one thing. But, it's the euro's own members who are warning of the perils ahead. "The risk of a eurozone break-up is very real," Ivan Miklos, finance minister of the area's newest member Slovakia, said this week.

Luis Amado, Portugal's foreign minister, aired similar views recently. He warned: "The alternative to the situation we confront is eventually leaving the euro. That is a situation that could inevitably be forced on us by markets to consider."

"We are in a survival crisis," European Union president Herman Van Rompuy noted last week. Even Angela Merkel, the German Chancellor, has admitted that the eurozone is "facing an exceptionally serious situation", with her finance minister Wolfgang Schäuble adding: "Our joint currency is at stake."

Such remarkable language demonstrates just how precarious the European project now is, as the huge build-up of debt in the past decade comes home to roost. Greece, Belgium and Portugal have worryingly high public sector borrowing. Ireland, and to a degree Spain, have dangerously large exposures to toxic bank loans. All have budget deficits that are multiples of the 3pc eurozone limit. The spectre of a debt trap for them all looms large.

Ireland was supposed to draw a line under the euro crisis this week. An €85bn bail-out from the EU and the International Monetary Fund, the terms of which are expected next week, was supposed to act as a firebreak.

The price of the rescue package was unveiled on Wednesday – a €15bn package of tax rises and spending cuts, coming on top of €14.6bn of austerity measures already imposed. In all, Ireland is implementing austerity amounting to 20pc of GDP. The UK, by comparison, is doing about 8.5pc.

However, Dublin's optimistic growth targets undermined confidence in the austerity plan, while lack of detail on remedies for the banks spooked investors. Yields on Irish 10-year sovereign debt jumped daily, as did the cost of bondholder insurance, ending the week at 8.88pc – suggesting a default is more likely now than before the bail-out. The euro collapsed, closing the week more than five cents lower at $1.3239.

Traders turned on Portugal, Belgium and Spain, with Spanish yields rising to 5.16pc – a post-euro record. For many in the market, Germany was to blame. Axel Weber, head of the German central bank, did not help by suggesting that, in a worst-case scenario, troubled euro members could need €140bn more than the total €925bn of existing support facilities.

But it is Mrs Merkel who stands accused of causing the latest crisis, with comments in October about creating a "permanent crisis resolution mechanism" from 2013 that would see sovereign bondholders take a hit before taxpayers. Suggestions this week that a similar "collective action clause" could be added from 2011 in all new bond issuance further upset the market.

Reports that even "safe" creditors in Ireland's banks such as senior debt holders could be "haircut" alongside the at-risk subordinated debt holders added to fears. Few dispute the principle of putting investors on the line before taxpayers, but traders say the timing of the comments was poor.

Simon Derrick, currency chief at the Bank of New York Mellon, said investors are giving up on the euro periphery – pushing the cost of debt to cripplingly high levels and creating a two-tier euro area as spreads over German bunds rocket.

"Investors are beginning to realise that the problem with the euro is a structural one," Mr Derrick said. "Monetary policy was set for core Europe and inappropriate for the periphery. Because of the debt overhang and the explicit plan for bondholders to take haircuts, you are baking in long-term differentials. Why would a country want to remain in marginal Europe?"

Ireland is a case in point. The public is taking a lot of pain – pay cuts, tax rises, job losses, welfare reforms – when currency devaluation and monetary policy could be doing much of the work, as has been proved in the UK. Mrs Merkel's reforms may make the euro stronger but may also reduce the attraction of a single currency for smaller members. No wonder the talk of a break-up is growing.

http://www.telegraph.co.uk/finance/financetopics/financialcrisis/8163695/First-Greece-then-Ireland-Europes-debt-problem-has-gone-from-bad-to-worse.html