Speaking before the European Parliament in Strasbourg on Wednesday, leader of the UK Independence Party Nigel Farage used his time to do what he does best: verbally savage the eurozone leaders responsible for keeping the 17-nation union on the road to financial ruin.
"Another one bites the dust. Country number four, Spain, gets bailed out and we all of course know that it won't be the last,” Farage said.
“Though I wondered over the weekend whether perhaps I was missing something, because when the Spanish Prime Minister Mr. Rajoy got up, he said that this bailout shows what a success the eurozone has been,” he added.
Indeed, since announcing the massive, multi-billion euro bailout, the Spanish Prime Minster seems to be laboring under the delusion that all is well and that the worst of the eurozone financial crisis has passed. In fact, he has gone so far as to say that “this matter is now resolved.”
“And I thought, well, having listened to him over the previous couple of weeks telling us that there would not be a bailout,” Farage continued, “I got the feeling after all his twists and turns he's just about the most incompetent leader in the whole of Europe, and that's saying something, because there is pretty stiff competition.”
Farage wasn't finished. He was just getting warmed up.
“Indeed, every single prediction of yours, Mr. Barroso, has been wrong, and dear old Herman Van Rompuy, well he's done a runner hasn't he. Because the last time he was here, he told us we had turned the corner, that the euro crisis was over and he hasn't bothered to come back and see us,” Farage said.
"I remember being here ten years ago, hearing the launch of the Lisbon Agenda. We were told that with the euro, by 2010 we would have full employment and indeed that Europe would be the competitive and dynamic powerhouse of the world," Farage said.
"By any objective criteria the Euro has failed, and in fact there is a looming, impending disaster," he added.
The British leader continued:
You know, this deal makes things worse not better. A hundred billion [euro] is put up for the Spanish banking system, and 20 per cent of that money has to come from Italy. And under the deal the Italians have to lend to the Spanish banks at 3 per cent but to get that money they have to borrow on the markets at 7 per cent. It's genius isn't it. It really is brilliant.
So what we are doing with this package is we are actually driving countries like Italy towards needing to be bailed out themselves.
In addition to that, we put a further 10 per cent on Spanish national debt and I tell you, any banking analyst will tell you, 100 billion does not solve the Spanish banking problem, it would need to be more like 400 billion.
And with Greece teetering on the edge of Euro withdrawal, the real elephant in the room is that once Greece leaves, the ECB, the European Central Bank is bust. It's gone.
It has 444 billion euros worth of exposure to the bailed-out countries and to rectify that you'll need to have a cash call from Ireland, Spain, Portugal, Greece and Italy. You couldn't make it up could you!
Running out of time, Farage ended with a strong warning: “It is total and utter failure. This ship, the euro Titanic has now hit the iceberg and sadly there simply aren't enough life boats."