So, there have been scare reports in the Economist that the Euro might crash in a few weeks if a grand action plan ( unlimited liquidity for longer durations by the ECB), or if all euro-zone debt above 60% of each country's GDP is mutualised, setting aside a tranche of tax revenue to pay it off over the next 25 years (Germany's Council of Economic Experts' plan).
Is it worth it to save the Euro if even Spain and Italy are drowning in this muddy quagmire? And even if the deal works out, it most probably entails political pressure to change from Germany, which could infuriate people.
i would like to see the euro being split in 2. a Neuro for the northern countrys like germany,finland,franch,the netherlands and norway. and the Seuro for southern countrys like greece,italy,spain,portugal,(belgium)
and when the countrys in the Seuro can show that they are doing well and don't have corruption anymore. and also can keep up to date whit the numbers that the EU asks to get evrything in line. then they can join the Neuro countrys. during this process countrys that want a independent coin will be able to get 1 whitout to mutch problems in the EU.
Oh yeah, because we, the poor ones who couldn't afford buying parts of other people's debt, making insurances on other people's goods and offering loans to people who clearly had no hope to pay them back, now don't deserve any help from the rich ones that generated the crisis with their clever financial tricks, right?
Oh yeah, because we, the poor ones who couldn't afford buying parts of other people's debt, making insurances on other people's goods and offering loans to people who clearly had no hope to pay them back, now don't deserve any help from the rich ones that generated the crisis with their clever financial tricks, right?
The recent crisis was sparked off more by the SE countries that Devil has mentioned. So why not punish them? They got themselves into the mess and I can certainly empathise with the reluctant Germans about bailing them out.
The crisis started in the USA. Then it spread to europe's richest countries first, because they were more financially active so they had more American debt and a bigger national debt too. Only when the crisis was already very serious it started to affect countries with lower financial activity.
The crisis started in the USA. Then it spread to europe's richest countries first, because they were more financially active so they had more American debt and a bigger national debt too. Only when the crisis was already very serious it started to affect countries with lower financial activity.
Greek crisis started like this. Yes it was exacerbated by the USA, but they had plenty of problems by themselves.
Greece has been living beyond its means since even before it joined the euro, and its rising level of debt has placed a huge strain on the country's economy.
The Greek government borrowed heavily and went on something of a spending spree after it adopted the euro.
Public spending soared and public sector wages practically doubled in the past decade. It has more than 340bn euros of debt - for a country of 11 million people, about 31,000 euros per person.
However, whilst money has flowed out of the government's coffers, its income has been hit by widespread tax evasion.
When the global financial downturn hit, Greece was ill-prepared to cope.
The recent crisis was sparked off more by the SE countries that Devil has mentioned. So why not punish them? They got themselves into the mess and I can certainly empathise with the reluctant Germans about bailing them out.
Ah, I see. Is that why the Germans haven't been cooperating with Britain? Well, I guess that makes sense... I believe Greece and Italy are beginning to suffer tremendously now. I'm not sure whether it is because of worldwide financial crisis that it affecting them or if it is something else, but I know that they are beginning to suffer quite a bit...
Ah, I see. Is that why the Germans haven't been cooperating with Britain? Well, I guess that makes sense... I believe Greece and Italy are beginning to suffer tremendously now. I'm not sure whether it is because of worldwide financial crisis that it affecting them or if it is something else, but I know that they are beginning to suffer quite a bit...
If that was sarcasm then the answer would still be yes. Germany or France or Britain shouldn't be entirely responsible for bailing out such nations without strings attached or anything in return.
