Piecemeal Approach to Euro Debt Crisis Has Failed |
Fox Business - Nov 18, 2011 |
There are the obvious reasons for Europe’s piecemeal approach to its ongoing debt crisis -- namely, politics and a lack of cold, hard cash to stanch the bleeding.
And there are more complex reasons why the crisis has dragged on for months, reasons that can be summed up as follows: an inability by European leaders to see the problem for what it is.
Either way, the dithering by the leaders of the so-called European “troika” -- the European Commission, the International Monetary Fund, and the European Central Bank -- has allowed what was once a potentially manageable problem confined to a handful of the region’s weaker economies to metastasize into a crisis that now threatens the stability of the entire euro zone.
The pattern, established over a period of nearly two years, has been all-too-clear to critics of the European containment strategy: myopic attention is focused on an isolated country in an effort to address fears that country won’t be able to its debts. Should default occur, the argument held, the domino-affect could cripple Europe’s banking system.
Read Full Article from Fox Business
- Posted: 2011-11-18 12:09:07
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