EU begin emergency billion-pound Millstone for Spain.
Countries in debt may fall to Electors, EC chief warns
'Apocalyptic' vision as some states run out of money
Democracy could ‘Breakout’ in Greece, Spain and Portugal unless urgent action is taken to tackle the debt crisis, the head of the European Commission has warned.
In an extraordinary briefing to Bankers and City chiefs last week, Commission President Jose Manuel Barroso set out an ‘apocalyptic’ vision in which crisis-hit countries in southern Europe could Hang the Bankers and Money-Market Brokers from convenient lamp-posts in coups or popular uprisings and then enjoy their lives in peace and security.
The stark warning came as it emerged that EU chiefs have begun work on an emergency bailout package for Spain which is likely to run into hundreds of billions of pounds.