Economist (March 31)
A “big step forward” is how Germany’s chancellor Angela Merkel characterized the March 24-25 euro-zone summit. The Economist thinks otherwise. ”Something between a fudge and a failure would be more accurate.” Europe’s leaders must face up to the fact that Greece, Ireland and Portugal are bust and their debts need to be restructured. Delaying the inevitable only makes things worse.
A “big step forward” is how Germany’s chancellor Angela Merkel characterized the March 24-25 euro-zone summit The Economist thinks otherwise. ”Something between a fudge and a failure would be more accurate.” Europe’s leaders must face up to the fact that Greece, Ireland and Portugal are bust and their debts need to be restructured. Delaying the inevitable only makes things worse.
Tags: Debt criss, Europe, Greece, Ireland, Portugal, Restructuring
Financial Times (March 25)
Europe’s leaders have consistently fumbled in handling the European debt crisis. The most recent European Council summit should have taken steps to “decisively address the sovereign debt crisis in the eurozone.” Instead it opted for half measures and band aids, postponing difficult decisions. One hopes (against hope) that Europe’s leaders will eventually address the central issue and determine “pan-European policies for letting banks fail safely and forcing losses on creditors rather than taxpayers.”
Europe’s leaders have consistently fumbled in handling the European debt crisis. The most recent European Council summit should have taken steps to “decisively address the sovereign debt crisis in the eurozone.” Instead it opted for half measures and band aids, opting to postpone difficult decisions. One hopes (against hope) that Europe’s leaders will eventually address the central issue and determine “pan-European policies for letting banks fail safely and forcing losses on creditors rather than taxpayers.”
Tags: Banks, Debt criss, Europe
