The Dutch government is on the brink of collapse after politicians hit an impasse on implementing austerity measures required to secure a bailout.
As the economic and technical data points to financial Armageddon looming in Spain Dutch politicians are deadlocked over the decision to implement brutal austerity measures to secure an economic bailout or to tell the bankers to shove it and take the path of Iceland.
Dutch politicians have announced they can not come to an agreement on austerity limits required to secure the bailout to save the Dutch economy.
After failing to come to an agreement with the Prime Minister, Freedom Party leader Geert Wilders announced that his party no longer supports the government and is now calling for new elections to be held as soon as possible.
Press TV reports:
The Dutch government is teetering on the brink of collapse following the failure of talks to decide whether to adopt austerity measures to cap the country’s budget deficit.
Press TV – On Saturday, Prime Minister Mark Rutte and Freedom Party leader Geert Wilders were unable to come to an agreement on austerity measures to meet European Union limits.
Afterwards, Wilders stated that his party no longer supports the government and that new elections should take place, “the sooner the better.”
Wilders “walked away at the very last moment,” Rutte told reporters in The Hague, adding, “Elections are the next logical step.”
The negotiations on a 16-billion-euro austerity package to rescue the Dutch economy began in early March after the economy plunged into recession and forecasts showed the 2013 budget deficit would reach 4.6 percent.
The worsening debt crisis has forced EU governments to adopt harsh austerity measures and tough economic reforms, which has led to social unrest and massive demonstrations in many eurozone states.
The news comes on reports that Spain is about to enter full scale collapse.
Financial Armageddon Approaches: Spain Is About To Enter A Full-Scale Collapse
Economic data and technical data coming out of Spain is telling us point blank that disaster is looming and will trigger the dominoes to fall across Europe.
The perfect storm of an economic collapse fueled by an all out housing and mortgage crash, a sovereign debt crisis, and a run on the over-leveraged unregulated Spanish banks is hammering Spain right now.
The IMF and the ECB knows that Spain is too big to bail out which is really bad news considering the economic data and technical indicators show irrefutable evidence that Spain is about to enter a full-scale collapse which will in turn send the dominoes falling across Europe.
Last year we were repeatedly warned that if Greece defaulted the result would be Financial Armageddon and even warned America could lose its financial sovereignty.
The when Greece finally defaulted, the media downplayed the ramifications and claimed the debt contagion wouldn’t spread.
They lied and there is a reason that Spain has banned all cash transactions over 2,500 Euros and the IMF is raising the alarm that the debt crisis will persist throughout all of 2012.
There is a reason that the IMF is warning of a collapse of the Euro and full-blown financial panic.
Plain and simple, whether the media will admit it or not, Spain is next.
Brace yourself because doomsday is rapidly approaching for the entire global economic system.
Via Zero Hedge, Graham Summers reports:
Spain is About to Enter a Full-Scale Collapse.
A few facts about Spain:
• Total Spanish banking loans are equal to 170% of Spanish GDP.
• Troubled loans at Spanish Banks just hit an 18-year high.
• Spanish Banks are drawing a record €316.3 billion from the ECB
(up from €169.2 billion in February).
Things have gotten so bad that Spanish citizens are pulling their money out of Spain en masse: €65 billion left the Spanish banking system in March 2012 alone.