The Ongoing Euro Crisis

Not a day seems to go by when there isn’t a news story about the Euro crisis. Either it’s ‘The Euro is about to crash’ or ‘Euro saved’. Eurozone leaders are desperate to retain their ‘baby’. They take whatever action they need to keep the Euro intact in the Eurozone. The fact is that Greece will default, followed by Italy and Spain. Euroland leaders seem to be oblivious to this point. They do know however that letting the Euro fail in places like Greece won’t do anyone in the eurozone or indeed outside it any favours. Recently US Treasury Secretary Timothy Geither urged Eurozone leaders to end divisions over how to solve the eurozone debt crisis. Eurozone finance ministers meeting in Poland recently once again dithered and delayed a decision on Greece’s next bailout loan. China has also warned eurozone leaders to ‘get your house in order’. It has expressed alarm at the escalating eurozone debt crisis and the joined the United States in urging European leaders for decisive action to stop it damaging the global economy. Worryingly, a banking collapse like that of 2008 is now imminent.

Category: Business / Economic / Euro crisis

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