Friday, December 9, 2011

Eurozone Crisis

This current ongoing summit is D Mother Of ALL Summits For Europe due to it's complexity and diverse issues faced by every member state. The outcome seems no where close.

by, Chris Morris BBC News, Brussels

Germany and France seem to be coming into this summit saying: "Here's the deal - take it or leave it." Germany in particular is becoming Europe's most important political power, as well as its most important economic one - and that is causing some unease.

But President Sarkozy defended Franco-German leadership and - using dramatic language - said memories of brutality between them during World War Two mean they have a special duty to act.

The trouble is the European Union is much bigger than it was. Every country - all 27 of them - has a red line somewhere. That is why reaching an agreement is going to be so difficult.
But Angela Merkel has made it clear that she wants a treaty change of some kind. She would prefer all member states to be involved, but at the very least the 17 countries in the eurozone have to act.

Beyond the battle over treaty change there is a bigger picture for the leaders gathered here. Can they find more financial firepower to help member states with huge debts? And can they persuade the markets that struggling countries are serious about years of austerity?
In other words, can they do enough to ensure that the eurozone survives.

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