BREAKING: The truth about the EU’s financial situation in one word –

The Slog

BANKRUPT

Slog predictions vindicated on all fronts

In recent weeks, this site has consistently questioned the official version of the European Union’s ‘situation’: the wisdom of the German electorate, the mysteriously missing eurozone investment data, the state of Spanish banks, the real nature of Greek debt repayment schedules and possibilities for a recovery, the obviously mendacious nature of the Italian economic data, the insolvency of the Monte del Peischi Bank, and even whether David Cameron had genuinely secured a reduction in the EC budget. In particular, the slurry of poor data that followed Merkel’s victory last weekend seemed to me on Monday and Tuesday worthy of comment. Judge for yourselves as to what the real situation is in the light of what follows below.

French Bank SocGen just issued this damning commentary on credit and growth in the eurozone:

‘Loan production to the private sector growth dropped further by €8bn…

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