Fiancial collapse of Ireland - who will be the next?

@thommas (144)
Latvia
November 24, 2010 12:30pm CST
It seems that the economy of European Union now goes through very big challenges. Just several days ago Ireland agreed to borrow tens of billions of EURO to stabilise it's banking system, but now we hear that there is a general strike in Portugal. People there don't want to accept the big budget cuts and it's very likely that Portugal will also ask for a financial aid. (and who will pay for it - of course, the tax payers of European richest state - Germany) Spain stand the next in the line, and then comes...who knows. What's your opinion - who is guilty for all this bed situation in EU? Just the banks which were gambling too risky game with the USA securities (or, to be honest, worthless, virtual papers) recent years? Or may be the system of EU economy has failed at all - Asians now stand in the place where the Western were standing earlier and we can't do anything?
1 response
@puccagirl (7316)
• Israel
24 Nov 10
I think it is hard to say who will be next because a lot of European countries have big financial problems at the moment. It could be anyone, really!
@thommas (144)
• Latvia
25 Nov 10
Thank you. But what's your opinion - what are the reasons why things are going so bad in Europe?