Spain’s sovereign thunderclap and the end of Merkel’s Europe – Telegraph Blogs

The Spanish rebellion has begun, sooner and more dramatically than I expected.

As many readers will already have seen, Premier Mariano Rajoy has refused point blank to comply with the austerity demands of the European Commission and the European Council (hijacked by Merkozy).

Taking what he called a “sovereign decision”, he simply announced that he intends to ignore the EU deficit target of 4.4pc of GDP for this year, setting his own target of 5.8pc instead (down from 8.5pc in 2011).

via Spain’s sovereign thunderclap and the end of Merkel’s Europe – Telegraph Blogs.

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