"The heads of government decided that Greece, Portugal and Ireland would only have to pay approximately 3.5 percent rather than 4.5 percent interest on their emergency loans. At the same time, countries like Italy, Cyprus and Belgium will have to pay much higher interest rates on the money they have borrowed to help bail out these countries. "Taking out expensive loans and extending cheap ones -- that's a clear sign of a transfer union," Fuest says".The current trend in the economic transfer of resources in Europe is evidence of the evolution of the EU away from a Union of 'Equals' and towards a Transfer Union.
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