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Euro Crisis News Overview
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News items from the worlds media about the current euro crisis
News items from the worlds media about the current euro crisis

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The Euro and its Threat to the Future of Europe
By Joseph E. Stiglitz
ISBN: 978-0241258156496pp.

Keeping in mind the prescription of Abraham Lincoln on the eve of the American civil war — “A house divided against itself cannot stand” — Stiglitz suggests that “[t]he halfway house in which Europe finds itself is unsustainable: there either has to be ‘more Europe’ or ‘less’; there has to be either more economic and political integration or a dissolution of the eurozone in its current form.”

#EuroCrisis #Eurozone

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The Euro and its Threat to the Future of Europe
By Joseph E. Stiglitz
ISBN: 978-0241258156496pp.

Keeping in mind the prescription of Abraham Lincoln on the eve of the American civil war — “A house divided against itself cannot stand” — Stiglitz suggests that “[t]he halfway house in which Europe finds itself is unsustainable: there either has to be ‘more Europe’ or ‘less’; there has to be either more economic and political integration or a dissolution of the eurozone in its current form.”

#EuroCrisis #Eurozone

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A large part of public opinion, meanwhile, is almost as angry today as it was in 2011-2012. The difference is that beyond people who are desperate and feel they have nothing to lose even if the country sinks into the abyss, we have a growing section of the middle class joining these ranks. Crazy taxes and social security contributions are driving a lot of people to despair.

#EuroCrisis #Eurozone #Greece

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"European law does not allow (national) debt relief," Schaeuble told ARD ahead of a meeting in Brussels on Monday with euro zone finance ministers. "Greece has to become more competitive. That's the what the program is for."

#EuroCrisis #Eurozone #Greece #Germany

ECNO: In other words... The beatings will continue until morale improves...

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The Eurozone is in a stalemate. A federal union would be needed to fix its problems, but there is no public support for it. Returning to national fiscal responsibility would lead to defaults and exits. Half-way solutions will prove insufficient but expensive and obfuscate the issues. Therefore, there may be no way to avert the partial or complete break-up of the Eurozone in the years to come. The fate of the euro may already have been sealed.

#EuroCrisis #Eurozone

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SISYPHUS was condemned to push a boulder uphill only to watch it roll down again. Yet an eternity of boulder-shoving seems purposeful next to the unending labour of keeping Greece in the euro zone and out of default. It is nearly seven years since the first Greek bail-out. A second rescue package soon followed. In 2015 Greece came close to dropping out of the euro before its newish prime minister, Alexis Tsipras, buckled down to the task of pruning the budget as part of a third bail-out. Now a Greek disaster is looming all over again.

#EuroCrisis #Eurozone #Greece


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Since 2013 the Bundesbank has been carrying out plans to repatriate half its foreign gold, mostly from storage in New York and Paris. The transfer was supposed to be complete by 2020.
But due to the efficiency so characteristic of Germans, the Bundesbank just announced recently that it intends to fully repatriate the gold by the end of 2017.
Three years ahead of schedule.
Why the rush?
Whispers circulate — faintly for now — that Germany might be calling in its gold to back a new deutsche mark. The eurozone’s built on sand and many see the sand giving way. Many fear the euro may collapse.
Should the euro collapse, a gold-backed deutsche mark might be the only viable alternative, a pillar of stability on golden foundations.

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"We have at the moment in the euro zone of course a problem with the value of the euro," Merkel said in an unusual foray into foreign exchange rate policy.
"The ECB has a monetary policy that is not geared to Germany, rather it is tailored (to countries) from Portugal to Slovenia or Slovakia. If we still had the (German) D-Mark it would surely have a different value than the euro does at the moment. But this is an independent monetary policy over which I have no influence as German chancellor."

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“The heart of the matter for an ever-rising number of citizens and businesses is that they simply do not have the financial resources anymore to meet their rising tax obligations,” said Jens Bastian, an economist and a member of a team of European Union specialists that helped supervise the country’s earlier bailouts.
Short on alternatives, he said, “many are falling back into the gray economy.”

#EuroCrisis #Eurozone #Greece
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