(Reuters) - The world's leading economies worked on Sunday to line up a deal in April on a second global rescue package worth nearly $2 trillion to stop the euro-zone sovereign debt crisis from spreading and putting at risk the tentative recovery. Germany said it would make a decision some time in March on strengthening Europe's bailout fund, a move other Group of 20 countries say is essential to clear the way for throwing extra funds into the International Monetary Fund. The two actions are part of the G20's efforts to build up massive international resources by the end of April - when the group next meets - and convince financial markets they can stem the euro-zone's deep problems. It would mark their boldest effort since 2008, when the G20 mustered $1 trillion to help rescue the world economy. German Finance Minister Wolfgang Schaeuble said European leaders will tackle the adequacy of the region's firewall during March. The issue will be on the agenda of a European Union summit next week."But the month of March goes from March 1 to March 31. It will be reviewed again, also in the light of the developments that have since occurred, whether the stated dimension of the (European bailout) mechanism is enough or not," he told reporters. Berlin's willingness to discuss the size of Europe's firewall marks an important shift.
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Sunday, February 26, 2012
Another week, another sticking plaster.
(Reuters) - The world's leading economies worked on Sunday to line up a deal in April on a second global rescue package worth nearly $2 trillion to stop the euro-zone sovereign debt crisis from spreading and putting at risk the tentative recovery. Germany said it would make a decision some time in March on strengthening Europe's bailout fund, a move other Group of 20 countries say is essential to clear the way for throwing extra funds into the International Monetary Fund. The two actions are part of the G20's efforts to build up massive international resources by the end of April - when the group next meets - and convince financial markets they can stem the euro-zone's deep problems. It would mark their boldest effort since 2008, when the G20 mustered $1 trillion to help rescue the world economy. German Finance Minister Wolfgang Schaeuble said European leaders will tackle the adequacy of the region's firewall during March. The issue will be on the agenda of a European Union summit next week."But the month of March goes from March 1 to March 31. It will be reviewed again, also in the light of the developments that have since occurred, whether the stated dimension of the (European bailout) mechanism is enough or not," he told reporters. Berlin's willingness to discuss the size of Europe's firewall marks an important shift.
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3 comments:
What they couldn't do by armed force they are now doing by economic strangulation in order to bring countries to heel under the German jackboot. Countries don't change their national psyche deep down. The Fourth Reich awaits us.
If the Hun can't see that this Euro 'experiment' is just one gigantic crock of shit, then even they are more stupid than I gave them credit for.
We are all being dragged down to the bottom by their stupidity and eventually, even they will be in the doo-doo with everyone else.
Germany MUST leave the Euro before the fat lady sings
"Josep Borrell, ex-president of the European Parliament and the voice of Spain's pro-European establishment, said ... "If we carry on like this we are going to destroy the European project ..."
Thank God for that. Bring it on, I say.
"Whether [Hollande's election] can come soon enough to avert a social explosion across Europe's arc of depression remains to be seen ..."
I fear the EU's problems could be far more profound and protracted than might be turned around almost miraculously by the French electing Hollande and "the shift in Europe's balance of power [being] complete."
It has always been my contention that the 40,000-odd bureaucrats and politicians that are the critical mass of the EU will fight to the death to see the euro and the EU survive. So much power seems to lay with them, bearing in mind also that they are unelected and irremoveable. They've taken Europe to this level of chaos and potential socio-economic catastrophe, so why stop now or just because France elects a new president?
A group of EU states calling for an end to self-defeating contraction is one thing. Sustaining or dismantling the eurozone is quite something else and is surely the real dilemma? And I'm not convinced those 40,000 folk in the Brussels machine are anywhere near ready to condone, still less dismantle or even reconfigure the eurozone.
So, as far as I can discern, "a social explosion across Europe's arc of depression" remains firmly on the cards.
What's more, I don't think those guys in Brussels could give a monkey's; their truly gilded lives are wholly reliant on the survival of the European Project, not the livelihood and well-being of 395 million European citizens (who are dispensable).
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