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In this case, the Eurozone and the UK are each attempting to act in their own interests, which is fair enough. But it doesn’t suit either side. For all the headlines about the agreement that has, despite the UK, been reached, there remains the problem of Italy – and Spain, Portugal and Greece. How can the EU leaders possibly be envisioning a future of tighter fiscal control when Italy is about to go bankrupt? And perhaps several others as well? All bets about the future of Europe are off until those countries debt problems are sorted.
In 2001, Argentina went bust. The value of the currency collapsed, inflation rocketed, the banks shut down, people lost their savings and there were years of widespread poverty which continue even now.
The EU is not offering to bail out its struggling economies. A number of its members are quite probably about to spend years in extremely difficult circumstances, making the ‘austerity’ measures in the UK and elsewhere look like a picnic. There’s no way the EU can implement any sort of further integration and tighter controls in these conditions.
The EU collectively and all its wealthiest members are undergoing major hard transits from Uranus and Pluto. (Italy isn’t – it has Neptune opposing its MC, suggesting a political meltdown.) With these transits, you are forced to deal with underlying problems before progress can occur. The underlying problem is not tighter fiscal control. It has gone beyond that. The underlying problem for the Eurozone is what seems to be inevitable defaults and fragmentation and planning for that.
In my piece The Sun Sets on Europe I was considering Saturday’s Total Lunar Eclipse and exact station of Uranus. I expected some sort of announcement concerning the future of Europe, probably the default of Italy, since the eclipse was closely conjunct the Italian Sun. In the end there was a major announcement, but about closer integration and the UK opting out. I still think the eclipse has to mean something important for Italy because of the aspect it makes. We shall have to wait and see. Eclipses are operative for a week or two either side.