Lenin’s Tomb: The speculators attack
“The current speculative attack on the Euro is a very powerful vote against EU states that investors (capitalists) do no believe have moved swiftly enough to cut their budget deficits. The rules of the Stability and Growth Pact agreed among EU member states say that budget deficits must not exceed 3% of GDP. Those rules were designed to put a cap on public spending. They have provided the occasion for various EU governments to slash and burn welfare and public services, and they effectively insulate any government that wishes to do so from criticism…”


