Speaking before the European Parliament in Strasbourg, Nigel Farage, Member of the European Parliament (MEP) and Founding Member of the UK Independence Party (UKIP) gives us today a slam to the Spanish bailout as seriously pushing the euro crisis further.
He went on to further discredit the ‘success’ talk of the Spanish financial rescue and then accused Jose Manuel Barroso, President of the European Commission, with a number of failed economic predictions.
Then presents a picture of the Spaniard as the most incompetent European leader. The Englishman then says “the euro has failed” by presenting the claim that Italy funding Spain’s losses with the banking bailout (borrowing at 6% to fund a loan at 3%).
Farage then turned away the myth of Europe “had turned the corner” and went on to say there is a “looming, impending disaster”. Speaking to the forum of a “total and utter failure” and that the current cries of the euro has reached a severity level when he screamed “you just couldn’t make it up”.
Doing a deal of this kind sends a clear message of other nations seeking bailouts and he reminds the parliament that Spain’s national debt is going to rise to the level where 100 billion will not resolve the economic crisis. Farage also said that if Greece were to leave the eurozone, the ECB will fail and dissolve and the same cash bailout plan will also be employed to PIIS (Ex-G).