Bailout Anonymous a 12 step program for Europe

CNBC has put together a 12-step program for Europe to get out of its economic crisis

1. Admit we are powerless over our debt – that our economies have become unmanageable.

2. Come to believe that a power greater than ourselves (Germany, the ECB, Troika, IMF) can restore us to sanity.

3. Make a decision to turn our will and our economies over to the care of (see above).

4. Make a searching and fearless economic inventory of our nations.

5. Admit to the EU, IMF and ECB the exact nature of our economic wrongs.

6. Be entirely ready to have the ECB/Germany/troika remove all the defects of our economies, in return for punitive austerity.

7. Humbly ask our private creditors to write off our debts and the troika to be gentle with their conditions.

8. Make a list of all the persons not paying tax, claiming too generous welfare benefits and retiring early, and be willing to tell them the freebies are over.

9. Refrain from reinstating generous benefits in future when the current debt crisis is resolved.

10. Continue to take an economic inventory, regularly and electronically. Clamp down on backhanders and computerize tax systems.

11. Stand firm in the face of protests to keep creditors happy and improve relations with our richer European neighbors.

12. Having had a spiritual awakening as a result of these steps, carry this message to other profligate nations so that they practice these principles and avoid being part of a crisis that threatens the global economy.

via CNBC

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Alfonso Esparza

Alfonso Esparza

Senior Currency Analyst at Market Pulse
Alfonso Esparza specializes in macro forex strategies for North American and major currency pairs. Upon joining OANDA in 2007, Alfonso Esparza established the MarketPulseFX blog and he has since written extensively about central banks and global economic and political trends. Alfonso has also worked as a professional currency trader focused on North America and emerging markets. He has been published by The MarketWatch, Reuters, the Wall Street Journal and The Globe and Mail, and he also appears regularly as a guest commentator on networks including Bloomberg and BNN. He holds a finance degree from the Monterrey Institute of Technology and Higher Education (ITESM) and an MBA with a specialization on financial engineering and marketing from the University of Toronto.
Alfonso Esparza