Exclusive: Beware Greeks Bearing Debts » Publications » Family Security Matters: "The Trojan Horse inside the world’s financial fortress is the European Union. Lurking in it are Greece, Spain, Portugal and Ireland. When they finally spring into the daylight and are seen by multinational banks and lenders, a second financial meltdown will begin.
What is the cause of the coming meltdown? Simply put, for years Greece, Spain, Portugal, and Ireland have spent more than they have earned. To do that they sold their government bonds (just as we sell our government bonds to China) promising to repay the value of those bonds, plus interest. In other words, they borrowed money to squander on socialist programs like free healthcare
. Today, they are so deep in debt to foreign lenders they cannot even pay interest on their existing loans, and lenders are very reluctant to send good money after bad."
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