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Greek politics, Spain banks test eurozone survival

The Associated Press - May 18, 2012

Chaos in Greek politics and Spanish banking combined this week to underscore just how fragile Europe's economy remains after an eviscerating austerity regime that has spawned unemployment, desperation and misery. And there is no respite in sight, as Germany's finance minister predicted Friday that the crisis could last up to another two years.

Wolfgang Shaeuble, who holds the region's purse strings, chastized the leaders of the world's biggest economies as they headed to Washington for a weekend summit that efforts to fix the crisis over the past few years "weren't good enough." The leaders, he told French Radio Europe 1, "must show that Europe can achieve common positions more quickly."

But common positions have been in short supply.

After more than a week trying to form a government, Greek politicians gave up this week and called another vote for June - with no real reason to think it will get them any further from the chaos that reigns. Spain was forced to deny that a troubled bank faced a run on its deposits, then saw a major ratings agency downgrade 16 of its lenders and four of its semi-autonomous regions, similar to U.S. states.

Read Full Article from The Associated Press

- Posted: 2012-05-18 16:19:41

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