Extension After Extension, EU Gives France Until 2017 To Cut Deficit

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March 5, 2015 1:59pm NYSE:EWG NYSE:IEV

EuropeThe Silver Bug: The European Union is in trouble. Germany cannot hold the remainder of the nations together forever. The German people know this, they are tired of supporting dead beat nations and those who technically don’t even meet the

qualifications to remain in the Union.

The media likes to focus on the woes currently afflicting Greece, granted their troubles are incredibly significant, as they are in reality bankrupt and can only stay afloat due to the bailout funds they receive from the EU and the IMF.

Yet, Greece should not share all the scorn. Other nations, such as Spain, Italy and now France have been put into question. All are in trouble.

France, which is thought of by many around the world to be a sound nation, is now under scrutiny from the EU. As stated above, the EU has guidelines and expectations for nations within its organization. France is one such country that continues to not meet these expectations.

Members of the EU are required to maintain a deficit below 3% of their GDP. France has missed this mark in the past and once again failed to do so.

So what will the EU do? Will they take the hard stance and remove France from the European Union? Of course not. France knows this, Greece knows this, Italy knows this and so too do the remainder of the members in the EU.

Proving this is France’s most recent extension to bring their deficit down below the required 3% or less of their GDP. This latest extension gives France until 2017 to ”correct” their ways.

Although this makes a nice headline for the mainstream media to run with, France knows that the EU will do nothing. Their account deficit will in all likelihood not decrease, but rather increase. This will result in 2017 arriving and the EU granting France yet another extension.

The vision of the Bureaucrats in Brussels is simply too personal. They will keep the EU together at all cost. They have lost all disciplinary credibility a long time ago. To maintain this, Greece, Italy and Spain would already have been removed from the Union. Yet they have not.

Italy, another offender puts France to shame. They have consistently had rising debt levels since 2008, peaking at 133 percent of GDP this year. If that isn’t an offense of the EU membership rules, then I don’t know what is.

All of their threats and warnings are toothless, the EU will continue down this path of stagnation, like so many other Western Nations around the world. They will continue to print fiat dollars in an effort to keep their Ponzi schemes afloat, all the while destroying the savings of their citizens.

The only ones who will find salvation is a select few, with the vision and foresight to see the writing on the wall and the eventual outcome that we will undoubtedly reach. It will be those who have moved a portion of their hard earned wealth, into gold and silver.

This article is brought to your courtesy of The Silver Bug.

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