Europe

Authored by Michael Snyder via The Economic Collapse blog,

With less than 48 hours until polling begins in the first major European election of the year, Bloomberg reports that snap polls show support for the anti-Islam, euroskeptic Freedom Party of populist Geert Wilders being re-energized after the last few days chaotic events surrounding Turkey.

The bizarre diplomatic scandal that erupted over the weekend, after the Netherlands banned several prominent Turkish politicians from organizing and participating in pro-Erdogan rallies just days ahead of the Dutch general election where immigration will be perhaps the most important topic, and which prompted numerous accusations of "nazism" and "fascism" by Turkey's president Erdogan, appeared set to escalate further on Monday when the Turkish cabinet is expected to consider imposing sanctions on the Netherlands in a deepening row with the country's NATO ally.

A few weeks ago, Mario Draghi, the president of the ECB, and ECB member Weidmann confirmed the interest rates would continue at a relatively low level as this would be very helpful for the governments of Eurozone countries to get their finances back under control. This indeed seemed to be absolutely necessary to us, and in a previous column we already pointed out the devastating impact on the public finances should the interest rates on government debt increase by 1-2% on average.

Britain’s minister for leaving the European Union, David Davis, urged lawmakers not to hold back PM Theresa May’s ability to negotiate a Brexit deal in talks she could trigger as early as this week. Davis on Sunday called on lawmakers to vote to drop two amendments that were added to a bill authorizing the talks with the bloc’s other member states, saying May should be able to enter with no strings attached the WSJ reported.