Are We About To Enter The Next Phase In The Financial Crisis? -- A Commentary

The 'pigs' of the Eurozone are causing worries for the other members Photo: AFP/Getty Images

Eurozone 'Pigs' Are Leading Us All To Slaughter -- Jeremy Warner, The Telegraph

The financial crisis is coming to a new, potentially more deadly phase, says Jeremy Warner.

Are we about to enter a third, and this time fatal, leg of the financial crisis? The problems of euroland which have so unsettled markets this week – and in particular those of Portugal, Ireland, Greece and Spain (the "pigs", as they have become known in financial circles) – are worrying enough in themselves.

But they are also a proxy for much wider concern about how national governments extract themselves from the fiscal and monetary mire they have created in fighting the downturn. It's proving messy, though, and they are running the risk of provoking an even worse crisis in the process.

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My Comment: Our (and government's) hunger for debt is what has brought to the place that we are today. Unfortunately .... there is a great reluctance among many of our leaders to accept responsibility and provide the leadership necessary to rectify this situation. In fact .... many of them are still working on the assumption that the worse has passed us by.