A Quote by John Major
Well what would happen is that if Greece defaulted and couldn't pay its debts, all the Greek bonds that are held in other banking systems across Western Europe would suddenly have no value. You could as a knock-on effect create a banking crisis in Western Europe.
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So perhaps the most worrying single remark made by a responsible banking official during the current crisis came from Jochen Sanio, the head of Germany's banking regulator BaFin. He warned on Aug. 1 that his country could be facing the worst banking crisis since 1931 - a reference to the collapse of Austria's Kredit Anstalt, which provoked a wave of bank failures across Europe.
In the U.S. more than any other place, the banking system is insane. Millions of Americans lost their houses. Because of what? Because of the banking system. This American banking system is also coming to Europe. We can say today that the banks and high financiers run the world.
Our position in Europe is not negotiable. The Greek people will defend it by all means. But participation in the euro involves rules and obligations, which we must consistently meet. Greece belongs to Europe and Europe cannot be envisaged without Greece.
I think that in this globalised world, the local is going to become more and more important - it is a paradox. You see it in Western Europe more and more. Eastern Europe is still coming out of the Soviet uniform cultural era, but this kind of separation and nationalism is very obvious now in Western Europe.
I'm not against banking. Banking allowed our modern society to happen, it is essential. It connects the work through finance, so banking is good.
No civilisation, not even that of ancient Greece, has ever undergone such a continuous and profound process of change as Western Europe has done during the last 900 years. It is impossible to explain this fact in purely economic terms by a materialistic interpretation of history. The principle of change has been a spiritual one and the progress of Western civilisation is intimately related to the dynamic ethos of Western Christianity, which has gradually made Western man conscious of his moral responsibility and his duty to change the world.
Like apples in a barrel infected by one rotten one, the corruption of Greece would infect Iran and all to the east. It would also carry infection to Africa through Asia Minor and Egypt, and to Europe through Italy and France, already threatened by the strongest domestic Communist parties in Western Europe. The Soviet Union was playing one of the greatest gambles in history at minimal cost. It did not need to will all the possibilities. Even one or two offered immense gains. We and we alone were in a position to break up the play.
Italy spills over to everything. Italy is a huge banking system. It has been the major banking system in Eastern Europe. It's worked with Austria's banking system. There's all sorts of interplays there. So it's not the PIIGS one should worry about. Germany hasn't even begun falling yet. And when Germany falls, and it will, that's when the panic begins to set in.
The destination of the soul: this is what I, led on by Nils Holgersson, came to seek in the literature of Western Europe. I fervently hope that my pursuit, as a Japanese, of literature and culture will, in some small measure, repay Western Europe for the light it has shed upon the human condition.
The revolution in Russia was victorious with the help of the poor peasants. This should always be borne in mind here in Western Europe and all the world over. But the workers in Western Europe stand alone: this should never be forgotten in Russia.
To most people in the U.K., indeed throughout Western Europe, space exploration is primarily perceived as 'what NASA does'. This perception is - in many respects - a valid one. Superpower rivalry during the Cold War ramped up U.S. and Soviet space efforts to a scale that Western Europe had no motive to match.
It is time to recognise that austerity alone condemns not just Greece but the whole of Europe to the probability of a painful and protracted era of little or no economic growth. This would be a tragedy not just for Greece and for Europe, but for the world.
In Western Europe, Turkey is regarded as uncivilized, so they can't come in into the European Union until they're civilized. I think it's the other way around. If you could achieve the level of civilization of, say, Turkish intelectuals, it would be quite an achievement.
To most people in the UK, indeed throughout Western Europe, space exploration is primarily perceived as 'what NASA does'. This perception is - in many respects - a valid one. Superpower rivalry during the Cold War ramped up US and Soviet space efforts to a scale that Western Europe had no motive to match.
The same failure of liberalism is evident in Western Europe, where the dogma of multiculturalism has left a secular Europe very slow to address the looming problem of religious extremism among its immigrants. The people who speak most sensibly about the threat that Islam poses to Europe are actually fascists. To say that this does not bode well for liberalism is an understatement: It does not bode well for the future of civilization.
Markets are saying pretty much what I'm saying too: that Greece is doing what it can, but that Greece is not going to be able to carry the weight of all of Europe and the other problems that Europe has.
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