The Eurozone looks set for more bad news today, September 15, 2011.
As the dream of a single European market gradually turns into a nightmare the Eurozone stumbles from one piece of bad news to another.
France and Germany have insisted that Greece is an "integral" part of the Eurozone, although this week many predicted Greece was about to jump ship. Today a leading European economics official, Olli Rehn, will make more gloomy predictions about Europes single currency. It is thought he will cut his forecasts for economic growth in the Eurozone.
As the dream of a single European market gradually turns into a nightmare the Eurozone stumbles from one piece of bad news to another.
France and Germany have insisted that Greece is an "integral" part of the Eurozone, although this week many predicted Greece was about to jump ship. Today a leading European economics official, Olli Rehn, will make more gloomy predictions about Europes single currency. It is thought he will cut his forecasts for economic growth in the Eurozone.
He spoke to the Euorpean Parliament yesterday saying, "Let me say a word to those suggesting that Greece would be better off outside the euro. I very strongly disagree. Neither Greece nor the eurozone would be better off. Whatever way you look at it, it is absolutely certain that a default and/or exit of Greece from the eurozone would carry dramatic economic and social and political costs, not only for Greece but also for all other euro area member states and EU member states, as well as for our global partners."
Its obvious really when you think about it. Europe has thrown money at Greece as if it was going out of fashion. Such moves must surely demonstrate that Europe needs Greece. If it did not by now it would have cut its ties and stopped offering bail-outs.
The European marekt has left so many countries dependent on each other that splitting the EU up now is not an option. It may be that in time it will be. In time it may be the only way. For now a different solution is needed. Let's hope those in pwer find one soon.
While Rehin was addressing Parliament Angela Merkel for Germany, Nicolas Sarkizy for France and George Papandreou for Greece were holding a three-way phone conversation. After the call they issued a joint statement saying, "Putting into place commitments of the (bailout) programme is essential for the Greek economy to return to a path of lasting and balanced growth."
The latest from Athens Greece is that it will need 8 billion Euros to pay next months wages and so debt default is likely in the coming weeks.
Last night Rome was the scene of protests as Italy's government passed austerity measures to tackle that country's debts.
In true political hypocrisy President Obama has said that "the eurozone needs better fiscal coordination" Get your own house in order first springs to mind. The second thought is, stop dragging European countries into expensive Wars Mr President. We all seem to have enough money to destroy these days but little to spare for anything that is constructive.
Its obvious really when you think about it. Europe has thrown money at Greece as if it was going out of fashion. Such moves must surely demonstrate that Europe needs Greece. If it did not by now it would have cut its ties and stopped offering bail-outs.
The European marekt has left so many countries dependent on each other that splitting the EU up now is not an option. It may be that in time it will be. In time it may be the only way. For now a different solution is needed. Let's hope those in pwer find one soon.
While Rehin was addressing Parliament Angela Merkel for Germany, Nicolas Sarkizy for France and George Papandreou for Greece were holding a three-way phone conversation. After the call they issued a joint statement saying, "Putting into place commitments of the (bailout) programme is essential for the Greek economy to return to a path of lasting and balanced growth."
The latest from Athens Greece is that it will need 8 billion Euros to pay next months wages and so debt default is likely in the coming weeks.
Last night Rome was the scene of protests as Italy's government passed austerity measures to tackle that country's debts.
In true political hypocrisy President Obama has said that "the eurozone needs better fiscal coordination" Get your own house in order first springs to mind. The second thought is, stop dragging European countries into expensive Wars Mr President. We all seem to have enough money to destroy these days but little to spare for anything that is constructive.
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