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Right wing governments in Germany, Spain, Portugal, UK and most of Europe participated in Wall Street’s financial shams through market deregulations.

February 13, 2010 (Hamsayeh.Net) - Latest data released on Friday showed European economies have sunk deeper into recession during the last three months of 2009, despite massive stimulus measures by Europe’s largest states to boost productivity.

On top of the hardest hit list of16 euro zone countries stood Germany with zero economic growth. In the euro zone GDP grew by 0.1 percent following hundreds of billions of euros that European banks injected into the market. The data showed that only France did have a modest GDP growth which economist say was due to some restructurings and consumer spending.

On the other hand worries mount over Greece a country with substantial budgetary deficit unable to repay its international debts. Europe’s big banks have promised to help Greece with more loans to ease the country’s financial crisis. Spain’s economy too is in dire situation.

The old continent is very much dependent on imports of fossil fuels (oil and gas) from Russia, Middle east and North Africa to boost its overall economic performance. Europe also faces increasing competition from Eastern manufactures inundating markets with high quality yet affordable consumer products.

Soon after the collapse of the former Soviet Union, right wing neo-con style European leaders emerged one after the other.  They followed instructions from Wall Street on how to elite-manage free and instinctually driven financial systems for more profits. The whole idea was nothing but an illusion. Many countries in Europe and other parts of the world, including the US itself fell victims to this new unregulated global casino.

Right wing governments in Germany, Spain, Portugal, UK and most of Europe participated in Wall Street’s financial shams through market deregulations. Their efforts led to the creation of a huge financial bubble during those years, which ultimately burst in 2008. 

Now, leading economists warn of another wave of bankruptcies or even depression in Europe , if right-wing European policy makers continue to replace their own hard-fought, finely tuned system with US’ global casino financial model. 

Europe's largest Economies continue to experience severe economic contractions despite massive stimulus measures

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