Dr. Benny Peiser 19.12.2011 14:23 +Feedback
Why the euro turkey is well and truly stuffed
Those who had bet on a seasonal gift of salvation from this month’s Brussels summit have already lost their wager. With a gun to the head of monetary union, European ministers, in effect, invited bond markets to pull the trigger. Without a new mechanism for very large and permanent fiscal transfers – from the prudent to the profligate – the euro turkey is stuffed. The sideshow of David Cameron’s veto will soon be upstaged by the single currency’s combustion and the immolation of its weaker members’ economies. One can only marvel at the Micawberism of some in the European press who continue to perform as cheerleaders for a dysfunctional and discredited system. Germany’s Der Spiegel concluded: “The result of [the summit] is a success. A success for the majority of Europeans and for efforts to find a solution to the euro crisis.” Keep taking the tablets, guys.
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Kategorie(n): Wirtschaft