Rows between Europe's leaders threatened to undermine attempts to rescue eurozone

[hvactec]

Eurozone debt crisis: talks break down as Angela Merkel rejects rescue deal
Rows between Europe’s leaders threatened to undermine attempts to rescue the eurozone as it emerged that a make-or-break summit will not address key aspects of the deepening crisis.

9:02PM BST 25 Oct 2011

As Germany raised fresh objections to the proposed rescue deal for indebted eurozone countries, the International Monetary Fund signalled it was considering stepping in - a move that could lead to British taxpayers paying to support the single currency.

Amid mounting Coalition tensions over Europe between the Conservatives and Liberal Democrats, David Cameron will today travel to Brussels, where European Union leaders have promised to hammer out a deal to resolve Europe’s debt crisis.

But officials admitted last night that many of the details of any deal will not be resolved tonight and will have to wait for another meeting of EU finance ministers at the weekend.

The gloomy outlook worried financial markets. The FTSE 100 index closed down at 5525, and shares in Germany, France and the US all fell

The single currency rescue effort was left hanging in the balance last night as Germany and Italy both challenged aspects of the likely deal.

EU leaders have said a summit tonight will outline plans to cut Greece’s crippling debt burden and expand a bail-out fund meant to support larger EU economies such as Italy and Spain.

Yet leaders last night appeared to be little closer to settling their long-standing differences on those issues.

The biggest row centres on the role of the European Central Bank in bailing out struggling eurozone economies.

A draft agreement circulated among leaders yesterday suggested that the ECB should go on buying the bonds of troubled members, effectively lending money to them directly.

The ECB’s bond-buying programme is unpopular in Germany, where critics fear it will compromise the central bank’s independence and its ability to control inflation.

Angela Merkel, the German chancellor who is facing fierce domestic opposition to the rescue deal, yesterday publicly rejected the draft as “not acceptable to Germany”.

read more Eurozone debt crisis: talks break down as Angela Merkel rejects rescue deal - Telegraph

 

[idb]

Eurozone debt crisis: talks break down as Angela Merkel rejects rescue deal
Rows between Europe’s leaders threatened to undermine attempts to rescue the eurozone as it emerged that a make-or-break summit will not address key aspects of the deepening crisis.

9:02PM BST 25 Oct 2011

As Germany raised fresh objections to the proposed rescue deal for indebted eurozone countries, the International Monetary Fund signalled it was considering stepping in - a move that could lead to British taxpayers paying to support the single currency.

Amid mounting Coalition tensions over Europe between the Conservatives and Liberal Democrats, David Cameron will today travel to Brussels, where European Union leaders have promised to hammer out a deal to resolve Europe’s debt crisis.

But officials admitted last night that many of the details of any deal will not be resolved tonight and will have to wait for another meeting of EU finance ministers at the weekend.

The gloomy outlook worried financial markets. The FTSE 100 index closed down at 5525, and shares in Germany, France and the US all fell

The single currency rescue effort was left hanging in the balance last night as Germany and Italy both challenged aspects of the likely deal.

EU leaders have said a summit tonight will outline plans to cut Greece’s crippling debt burden and expand a bail-out fund meant to support larger EU economies such as Italy and Spain.

Yet leaders last night appeared to be little closer to settling their long-standing differences on those issues.

The biggest row centres on the role of the European Central Bank in bailing out struggling eurozone economies.

A draft agreement circulated among leaders yesterday suggested that the ECB should go on buying the bonds of troubled members, effectively lending money to them directly.

The ECB’s bond-buying programme is unpopular in Germany, where critics fear it will compromise the central bank’s independence and its ability to control inflation.

Angela Merkel, the German chancellor who is facing fierce domestic opposition to the rescue deal, yesterday publicly rejected the draft as “not acceptable to Germany”.

read more Eurozone debt crisis: talks break down as Angela Merkel rejects rescue deal - Telegraph

The common currency concept was poorly thought out.
It's great if you're on holiday in Europe though.

 

[NYcarbineer]

How come our sluggish economy is all Obama's fault, and yet,

half of the rest of the world is in the same boat, or worse.

 

[waltky]

Eurozone unemployment still stuck at 12%...

Eurozone Jobless Rate Unchanged at 12.1 Percent
August 30, 2013 > The number of jobless workers in the 17 European nations that use the euro currency has fallen slightly for a second straight month, but the unemployment rate still is at 12.1 percent — a record high for the eurozone bloc.

The European labor report Friday showed the number of unemployed dropped by 50,000 during June and July, but that leaves more than 19 million workers without jobs throughout the eurozone.

Analysts say this is a sign that the eurozone economy, collectively the biggest in the world, is beginning to show signs of advancing after a year and a half of recession. Earlier this month, the eurozone reported economy growth edged ahead by three-tenths of one percent in the April-to-June period.

Economist Carsten Brzeski of ING bank said the question remains whether growth in Germany, Europe's biggest economy, is enough to help weaker European economies still mired in recession. "Up to now it's mainly a German story, so we've had strong German growth, technically pushing the eurozone out of recession," he said. "But if you look at the individual European countries, you see that most of them are still stuck in a recession. Now the big question is, if you look into the second half of this year, whether the German engine actually is strong enough to pull the rest out of the recession."

The European Central Bank says it expects modest growth for the remainder of 2013.

Eurozone Jobless Rate Unchanged at 12.1 Percent

 

[Katzndogz]

How come our sluggish economy is all Obama's fault, and yet,

half of the rest of the world is in the same boat, or worse.

That's an easy answer. The EU is in trouble because of its socialist policies. We were okay until we adopted EU style socialist policies. Now we're in the same trouble they are in.