Tag Archive for Monetary Union

Debt crisis: Europe’s democracies must not subcontract their destiny to the Bundebank -Evans-Pritchard, Telegraph

By Ambrose Evans-Pritchard Europe has lit the fuse on an economic and financial bomb. The rescue package for Spain cannot plausibly be contained to €100bn once it begins, given the subordination of private creditors and collapse of global confidence in the governing structure of monetary union. Italy must guarantee 22pc of the bail-out funds, even though it…

Moody’s: Greek euro exit threatens currency’s existence | Reuters

(Reuters) – Moody’s Investors Service said on Friday that a Greek exit from the euro could pose a threat to the currency’s existence. In addition, developments in Spain’s banking sector that may require a European rescue package have negative credit-rating implications for the sovereign, Moody’s said in a statement. “Were Greece to leave the euro,…

The week that Europe stopped pretending – Ambrose Evans-Pritchard

On a single day, the European Commission said monetary union was in danger of “disintegration” and the European Central Bank said it was “unsustainable” as constructed… Joschka Fischer, Germany’s former vice-Chancellor, said EU leaders have two weeks left to save the project. “Europe continues to try to quench the fire with gasoline – German-enforced austerity.…