Tuesday February 14, 2012

JAPAN NEWS AND DISCUSSION

Europe searches for way out of debt crisis

World Feb. 10, 2010 - 04:44AM JST ( 4 )

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4 Comments

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WilliBFeb. 10, 2010 - 09:20AM JST

Germany will bail Greece out. This time.

But in the long run, something has to give -- either complete political union, or the end of the Euro scheme. Can´t have your cake (e.g. strong currency) and eat it too (e.g. no fiscal responsibility).
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ScroteFeb. 10, 2010 - 12:46PM JST

Greece's problems are not beyond its control: the Greeks simply lack the discipline to sort themselves out. I expect they will take the easy option and default on their debts, as I'm sure not many Greeks are foolish enough to buy their own government's debt. So in the end the German banks that hold Greek debt will have to be bailed out by the German government.
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OdogmaFeb. 10, 2010 - 01:46PM JST

Pretty sad state of affairs. Large parts of the European Welfare State now appear locked into slow, inevitable implosion.

No return, no reversal of fortune looks likely.

The 'gales of creative destruction' (Schumpeter), which at least promise potential economic rebirth in most free market economies, do not appear to be in the picture here, since government spending has for decades now represented too great a percentage of the GDP in nations like Italy, Spain, Portugal and Greece.

Bold prediction: We will learn it was all America's fault!
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BrandedFeb. 10, 2010 - 06:12PM JST

"Bold prediction: We will learn it was all America's fault!"

Sorry, not this time, Bush is long gone and the new commander in chief told the Europeans months ago to sort themselves out and stop blaming the US for all their ills. Bold prediction: Much lie the global economic crisis, a world wide recession will start in Europe !