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JAPAN NEWS AND DISCUSSION

Europe's financial chiefs try to 'stop the rot'

World Nov. 08, 2011 - 06:23AM JST ( 8 )

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8 Comments

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Antonios_MNov. 08, 2011 - 07:57AM JST

Oh, God.... In any case, Italy should not make the same mistake Greece did. They should take austerity measures as soon as possible. Of course, there is no comparison between Greece's economy and the Italian one, but this also means that an Italian debt crisis would have 10x times the consequences of a Greek debt crisis where the Eurozone might eventually cope with. On the other hand, if Italy gets to the same way that Ireland, Portugal and especially Greece got into....then, i think its game over for both the common currency and the Eurozone as a whole. I doubt that France and Germany would be able to handle the situation anymore...
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WilliBNov. 08, 2011 - 08:32AM JST

Another week, another stupid summit.

The "rot" is the Euro currency and the Euro politicians trying to "save" it. They are the rot!
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WolfpackNov. 08, 2011 - 10:04AM JST

Europe's financial chiefs try to 'stop the rot'

The social welfare state that is the European Union is coming unglued. The rot is too great for the willingness of Europeans to undertake the reforms and austerity measures needed to avoid a train wreck. If America doesn't learn from this and move away from the current massive government takeover of it's economy, it will be next.
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WilliBNov. 08, 2011 - 10:29AM JST

Wolfpack:

No, it is not strictly the various domestic welfare systems in European countries that are causing this, It is the gigantic, ill-conceived pan-European welfare system for corrupt countries and lender banks that is causing it.

Like Zerohedge said: America´s financial problem is like hitting yourself in the face compulsively... if you really wanted, you could stop. Europe´s problem is like getting raped by a Grizzly.... as long as the Euro is there, you really don´t have a choice in the matter.
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kurisupisuNov. 08, 2011 - 02:57PM JST

Isn't it simple?

If a country consumes more than it produces then it cannot pay for its debt and the outcome is default.

I have survived life without credit for almost 5 decades on this premise...........
-1

unreconstructedNov. 08, 2011 - 08:02PM JST

Libertarians seem to be the only ones who understand that 'central banks' or 'federal reserves' have the power to destroy nations and even civilizations.
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unreconstructedNov. 09, 2011 - 06:03PM JST

Stratfor estimates 7 days is all Italy has left to avoid massive meltdown, with repercussions for all of Europe.
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unreconstructedNov. 10, 2011 - 11:04PM JST

The various OWS/Keynesian Clown Car types here need to be apprised of the fact that Italy has a total net, real corporate tax rate of 68.6 percent.