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'Never has (Europe) been in so much danger' - Sarkozy

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  • 'Never has (Europe) been in so much danger' - Sarkozy

    Dec 9, 2011
    French President Nicolas Sarkozy has warned Europe is facing an unprecedented risk from its debt woes and says the crucial EU summit overnight.

    "Never has Europe been so necessary and never has it been in so much danger ... Never has the risk of Europe's explosion been so great," Sarkozy said in a speech in Marseille ahead of the summit's start later in the day.

    "We must act straight away. The longer we wait to take this decision, the more it will cost and the less effective it will be," he told a meeting of European conservative parties.

    "If we don't have an agreement on Friday, we will not have a second chance," Sarkozy said.

    He also said Europeans had only a few weeks to save the 17-member eurozone, which is facing a sovereign debt credit crisis that has raised fears of a collapse of the single currency union.

    "We have several weeks to act because time is working against us," he said.


    France and Germany are working to drum up support for their plan to save the eurozone, which would amend EU treaties to include legal or constitutional limits on deficits and automatic penalties for eurozone nations that overspend.

    Sarkozy warned that if all 27 members of the European Union were not willing to sign up to treaty changes, the 17 states of the eurozone could go ahead on their own.

    "We want the 27, but if there is a blockage inside the 27, we will move ahead within the 17," he said.

    Eurozone leaders have said non-euro countries could be excluded from the new agreement if they make too many demands during the summit, such as Britain's call for it to receive "safeguards" for its financial services industry.
    I don't think a lot of people appreciate how dire the situation is in the EU. If it fails, the financial markets are going to tumble.
    Patience is a virtue.

  • #2
    it's death by a thousand cuts

    the germans have bandages

    but want the south to stop slashing itself before they apply them

    the brits stand to one side

    hands deeps in pockets

    watching with morbid fascination

    have you defeated them?
    your demons

    Comment


    • #3
      Watching the News tonight - seems like ONE of the options is to have a two-tiered EU. Those inside the EU who use the Euro and those inside the EU that don't (ie England). How this is beyond me - and probably a lot of other people. Another option is to make ALL members of the EU be financially controlled by the EU (ie handing over financial sovereignty to the EU) and MAKE them control their budgets. England is not happy about this to start off with.

      Whilst a LOT of attention has been focused on Italy, Greece, Spain, ...... the smaller countries like Portugal have been struggling ever since they joined the EU. Immediately after they joined the EU, the purchasing power of their Euros halved and their cost of living doubled. Many, many Portugese didn't understand why their politicians joined the EU (the "old boys network", "let's get on board because it's the cool thing to do") and didn't want to be part of the EU.

      I have grave fears for the EU.
      Patience is a virtue.

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      • #4
        I have been watching the EUR NZD exchange for about a month - what surprises me is that it has hardly moved despite all the concerns about europe and the euro - beyond my understanding

        Comment


        • #5
          as they say

          if you ever get sick of being right

          try to predict foreX markets
          have you defeated them?
          your demons

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