Thursday, August 4, 2011

European Commission President: Crisis no longer contained to periphery

Gee, my "friend" who has spent the last few years honing her anti-USA sentiment, attempting to hide her basic antipathy toward the USA in "economic " terms, is suddenly SILENT.

As the EU enters a possible "endgame" scenario, the claims of their basic "economic wisdom", the prejudice toward the "lazy" Greeks, Italians, Spaniards, etc., etc., etc., and the utter belief in the inherent "superiority" of the "Northern Europeans" (gee ---- why does that sound familiar??) --- well, as that happens, the voices quiet down. There is less gloating.

It's good to see that some folks (at least) are willing to see, and accept reality. Now, I wish some of our American "lawmakers" were willing to do that.

Here's an exerpt from "Calculated Risk" -- please follow link to original, and read the rest.
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European Commission President: Crisis no longer contained to periphery

by CalculatedRisk on 8/04/2011 01:02:00 PM

Admitting the obvious ... from the WSJ: Letter from the President of the European Commission José Manuel Barroso

Developments in the sovereign bond markets of Italy, Spain and other euro area Member States are a cause of deep concern ... they reflect a growing scepticism among investors about the systemic capacity of the euro area to respond to the evolving crisis.
...
The 21st of July bold decisions on the Greek package and the increased flexibility of the EFSF (precautionary use, recapitalisation of banks and intervention in secondary bond markets), are not having their intended effect on the markets.
...
[I]t is clear that we are no longer managing a crisis just in the euro-area periphery. ... We need also to consider how to further improve the effectiveness of both the EFSF and the ESM in order to address the current contagion. .........................................................................

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