Using the taxpayer as a slush fund will end in disaster.
In their attempt to keep the utopian dream of top down, government orchestrated socialist nanny state afloat, the European statists will resist the needed drastic cuts in government spending, as much as their US Democrat and RINO Republican colleagues in Washington.
NOTE: The day of reckoning will come, no matter how much paper they print and the promises made, the debt will crush them.
Euro crisis ‘not solved,’ German bank supervisor says
15.02.13 @ 09:30
BONN – Cheap loans from the European Central Bank (ECB) might have calmed the euro crisis, but the fundamental problems are still there: governments have too much debt and no strategy to get out of it, Raimund Roeseler, executive director for banking supervision in Germany’s Federal Financial Supervisory Authority (BaFin), has said.
“The sovereign debt crisis is certainly not solved. The ECB pumped more money into the system, but that doesn’t make states automatically more solvent,” Roeseler told EUobserver in an interview in his office in Bonn, the former German capital.
The €1-trillion-worth of cheap loans handed out by the ECB last year created “a lot of liquidity” on the banking market, but banks still prefer to park their money overnight in the ECB rather than lend it to each other due to lingering mistrust, he noted.
“The problem is not so much with the banks, but with the states. There are still concerns about the solvency of states and what will happen if a state gets in trouble,” Roeseler said.