The last Christmas of the Euro and Sarkozy’s Tropical Card, Martial Frindéthié

The countdown to the end of the euro has been activated. Even the most optimistic experts can no longer hide their cynicism, and in Great Britain economists are jostling to come up with a number of economic alternatives in prevision of the disappearance of the eurozone; for the euro will indubitably disappear. It is only a matter of time; a time that might arrive before Christmas 2011 according to French economist Jacques Atalli. The 1000-billion-worth mouth-to-mouth exercise meant to revive the euro did not live up to expectations. The Greek financial epidemic has reached the rest of Europe, and even those economies that were hitherto considered relatively stable are having problems raising money. Germany’s government bonds could only raise €3 billion of its € 6 billion potentials. France has just downgraded its growth to 0.3%. Standard and Poor is set to revoke France’s Triple-A credit rating within the next few days.  

In the midst of the imminent disaster, some French economists have not hesitated to complain of a conspiracy against the euro from without, especially from the United States and China. Many have put forth the proposition that America and China are conspiring to sabotage the euro and take over Europe. The conspiracy theorists point to the fact that Chinese and Americans are not rushing to invest in Europe in support of the euro. Yet, who will be fool enough to invest in such a volatile economy as the eurozone, especially when the Euro has lost so much credibility on global markets that European banks’ clients are no longer trusting their own financial institutions to keep their money for them?  

The prospect of the euro’s end will spell disaster for France, a country with practically no significant exports besides fromage et vin. Sarkozy’s country will go back to a currency whose value will fall even lower than what it used to be before the institution of the euro. France’s debt to the European Central Bank will consequently double, as the Hexagon will be left to pay in the value of euro about €800 million-debt it contracted. To get his country out of the crunch, Sarkozy hopes to play the Tropical card: a devaluation of the CFA franc could allow France to owe to African countries of the CFA zone only half of their assets deposited at the French Treasury and to use more than 40% of African resources to keep France afloat. Sarkozy has commissioned two African heads of states, Alassane Dramane Ouattara of Cote d’Ivoire and Sassou Nguesso of Congo-Brazzaville, to prepare the West African populations to receiving the merciless blade of the guillotine.            

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