European Dominos and super power courtships.
Greece is already hamstrung by national debt at 130% of GDP. This translates into the ugly reality of bad debts. Already Non performing debt makes up more than 38% of the loans at the Bank of Cyprus, Euro Bank, National Bank of Greece and over 50% at the Alpha Bank and Piraeus Bank.
Three nations , Greece, Italy and Turkey are competing for the first bank default – then expect the dominos to fall.
Meanwhile key leaders Merkel, Macron and May are perilously vulnerable and three East European nations (Hungary, Rumania and Poland) move towards despotism.
This is the context of the increasing interference of Putin’s malevolant Russia and the new relationship building of China.
China has been a super power twice before in history (see podcast at www.jamescookeenterprises.com) and it will be a superpower again. It is already outmanoeuvering the US on Climate Change, AI and Trade. It is looking to deal with sensitivity where the White House has been unfailingly clumsy. Pireus, thanks to Chinese investment is now a leading port in the Mediterranean.
The European populataion exceeds 600 million; China is 1.4 billion. These are significant markets. Is the United States leaving the table?
Have a good day.