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File Name:	[Mediterranean Sea] War of the Euro (24.80 MB)
Author:	Freek Schepers (Uploaded by Herman)
Date Added:	11-04-12
Downloads:	2
Grade:	Not Rated
Description
War of the Euro Following the financial crises of 2008 and 2010, the Eurozone was transformed. Greece was bailed out in 2011 with 260 billion Euro and Spain took 490 billion in 2012. Draconian measures were enforced across Mediterranean countries. This included offering for sale Spain's sole Aircraft carrier, 6 Santa Maria-Class frigates, and the announcement of the disbandment of the Italian submarine force. Crews were laid off with immediate effect. In spite of these rescue funds, on Jan 2013, Spain and Greece defaulted on their debt payments. Northern Europe, facing a collapsing Euro and economy, bailed out both countries again. However, on June 9th 2013 Europe woke up to a surprise announcement. Italy, Spain, Portugal, and Greece all left the Euro at the same time. They announced that all debts would be converted to their new currency, the Certecius. In addition, the countries left the European Union, left NATO, formed a new pact called the Mediterranean Union, and appointed as its first President: Silvio Berlusconi. Immediately the Certecius halved in value against the Euro, which itself halved against the US dollar. The Eurozone creaked under pressure of the written-off debt to Italy, Spain, and Greece, and under the burden of debt to the Americans. EU president Guy van Rompes abdicated and Frau Dr Merkel, widely seen as the European equivalent to Margaret Thatcher, took the EU role. She promptly issued an ultimatum: the Mediterranean Unions debt, which largely matures on January 6 2015, is to be re-paid in Euros.
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by Herman on 11-04-12
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