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Thread: The Euro-Zone Has Built Its Firewall…

  1. Default The Euro-Zone Has Built Its Firewall…

    …and is pretty sure a Greek bond default will not bring down the Euro-Zone.

    So Greece faces default by itself.


    Will the agony of Greece be a cautionary tale for Ireland, Portugal, Spain, and Italy?
    ObamaTax Delendum Est

  2. Default

    Let Greece default and let that be a lesson to others!

    The greek people are acting like babies. They want to have their cake and eat it too. The socialist politicians are all to happy to give people whatever they want and they just borrow the money to do it with.

    Denmark did the same thing back in the 70s. Debt was out of control and the socialist government had to resign because they could not balance the budget. That proves to me that socialism don't work. So a more right-wing government had to come in and pick up the pieces.

    It then takes about 15-20 years before people forget the folly of the socialists and elect them again. The cycle repeats itself over and over. People never learn.

  3. Default

    Without adequate public spending there will be violent revolution. That's something that European conservatives fail to learn- and it's only periodic control by Socialists which keeps the ship afloat.

    What does it mean for ordinary European Joes if the Euro and the Eurozone collapses ? Sod all. It's a game for control freaks and wannabe European Presidents in which they are not allowed to participate anyway.
    Europe was a richer and more productive continent before economists and globalists tried to herd cats.
    The Moving Finger writes; and, having writ, .. Moves on: nor all thy Piety nor Wit
    Shall lure it back to cancel half a Line, ..Nor all thy Tears wash out a Word of it.

    Omar Khayyam

    Zionism is criminal by default.

  4. Red face

    Having started this global economic mess, is no wonder Germany is reluctant to listen to those who haven't followed their own advice...

    Build more credible financial firewall: US to Europe
    Sunday 26th February, 2012 The eurozone has made remarkable progress in fighting the debt crisis, but should build its own more credible financial firewall as soon as possible, US Treasury Secretary Timothy Geithner said here.
    "Europe is making quite a bit of progress in convincing the world that they are not going to allow a catastrophic financial failure in the continent," said Geithner Saturday, ahead of the G20 finance ministers and central bank governors meeting. However, Geithner stressed the progress hadn't been enough to solve the debt crisis, reported Xinhua.

    "Now they are not down, they know they have more work to do." He also urged Europe to "put in place a stronger, more credible firewall", although "it is not a short-term thing". Building the firewall is a fundamental, deeply consequential economic issue and deserves the world focus now, he said.

    The European Union (EU) has urged the international community to pump more money into the IMF, but some members of the G20 including the US are opposed to the proposal as they think the resources of the IMF can not substitute a healthy and strong European rescue fund.

    See also:

    Germany bucking Europe fiscal firewall
    Feb. 26,`12 (UPI) -- Germany's finance minister told Group of 20 colleagues in Mexico City he was not sold on the idea of a major monetary firewall against Europe's debt crisis.
    Wolfgang Schauble said this weekend that extra funding for the European Stability Mechanism, a fund set up to prevent the spread of the financial turmoil that has roiled Greece and other European nations, would not effectively snuff out the crisis once and for all. "It does not make any economic sense [to take measures] which would neutralize the interest risk in the eurozone, nor endlessly pump money into stability funds, nor starting up the ECB [European Central Bank] printing press," Schauble said in an address to his fellow ministers.

    "All of this would not help countries to overcome their problems in the long term and restore calm in the markets," Schauble said. "This would create disincentives for countries to carry on consolidating and reforming and would not improve the eurozone's economic outlook."

    The Financial Times said Schauble's address voiced Germany's continued resistance to increased calls to beef up the ESM. The G20 is insisting on strengthening the ESM before members go along with increasing support for the International Monetary Fund. "We still have to build the mother of all firewalls," said Angel Gurría, secretary-general of the Organization for Economic Co-operation and Development. "The more credible it is and the bigger it is, the less likelihood we will have to use it."

    Read more: http://www.upi.com/Business_News/201...#ixzz1nWsEq2o4

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