Posted: Sat Oct 22, 2011 7:21 am Post subject: European Debt Crisis
A few of the relevant EU debt stats are in this New York Times summary sheet (link) and this Telegraph graphic (link).
The key player -- or holdout, depending on how you look at it -- is Germany. Chancellor Merkel appears to be reluctant to the kind of comprehensive strategy that the G-20 is advocating, including the U.S. and Canada.
For a (surreal) behind-the-scenes look at EU governance, let me recommend this Telegraph article (link).
Last edited by cbasu on Wed Oct 26, 2011 5:17 pm; edited 1 time in total
The expectations for a resolution at Wednesday's EU summit meeting appear bleak. As this Oct. 25/2011 Telegraph article points out, a Greek default -- combined with the increasing uncertainty in Italy -- could trigger the same type of derivative-related chain-reaction that brought down Lehman and Bear Stearns in 2008 and led to the financial crisis.
I think what we may be seeing is the beginning of a fundamental restructuring of both the EU and the euro. We may end up with a smaller EU, or at least a smaller Eurozone, with one central treasury department setting fiscal policy for all the member nations and more independence for the ECB in setting monetary policy.
In short, a sustained period of uncertainty lies ahead.
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