Arab Today, arab today eu averts eurozone crisis for now
Last Updated : GMT 11:26:52
Arab Today, arab today
Arab Today, arab today

EU averts eurozone crisis, for now

Arab Today, arab today

Arab Today, arab today EU averts eurozone crisis, for now

Brussels - Upi

EU senior officials averted a new eurozone crisis by cobbling together a deal that offered temporary respite on debt but left the 27-member group deeply divided. In what analysts hoped could be the least bad outcome, European Central Bank rescue packages would bail out troubled Italy and Spain to help restore market confidence but EU members would be under a strict disciplinary regime to desist from borrowing without consultation or running high deficits. German Chancellor Angela Merkel and French President Nicolas Sarkozy, main architects of the latest effort, called a \"fiscal compact,\" held out hope a combination of the bailouts and controlled borrowing would help stimulate the economy. However, anger over more taxpayer cash being funneled into the European Union\'s latest jab at financial engineering was on the rise in the larger member states, especially Germany. Britain made itself more unpopular on the continent by refusing to sign the deal, leading analysts to predict a two-tier EU was already on the way or that a divorce was on the horizon with members moving away from the center in different ways. All 17 eurozone nations are in, for now, as are the remaining nine who promised to join but only after consultations and, in some cases, approval from their parliaments. Some countries, including Ireland, may have to have referendums to get approval. But the leaders shied from recasting the union\'s treaty, a hugely controversial proposal that threatened to put the member countries\' governments in greater difficulties than they have now. In practical terms, the new deal means the assenting politicians signed away greater chunks of national sovereignty by agreeing to toe the Brussels line on borrowing and other financial disciplines. The deal clips away at powers of governments as well as the member states on how they manage their budgets, run their economies and avoid getting into debt in excess of 3 percent of the gross domestic product. The deal requires member states to enshrine, where required, the new fiscal regime into national constitutions. If all goes well, EU leaders expect the deal to be in place by March 2012, working in tandem with the European Stability Mechanism, the union\'s $666 billion bailout fund. Critics say the deal could prove hard to enforce and EU could still face a cash crunch if it was required to bail out more of the troubled economies or if the signatory countries failed in their attempts to hold back their deficits. Merkel said she believed the accord would stabilize the euro. \"I have always said, the 17 states of the eurogroup have to regain credibility,\" she said. \"And I believe with today\'s decisions this can and will be achieved.\" The Economist called the final outcome \"Europe\'s great divorce\" and the Financial Times said the split was deeper than generally assumed. European officials and analysts said the accord made sense as it would be quicker to enforce than a treaty change. However, in a desperate bid to save the euro, the 26 apart from Britain had opted for closer integration and ceded some of their sovereignty to Brussels in the process. None of this helps to wish away high sovereign debts in several member states other than Italy and Spain, a problem that may challenge the eurozone yet again.

arabstoday
arabstoday

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today eu averts eurozone crisis for now Arab Today, arab today eu averts eurozone crisis for now

 



Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today eu averts eurozone crisis for now Arab Today, arab today eu averts eurozone crisis for now

 



Arab Today, arab today
Arab Today, arab today Youssra depended on colored foam

GMT 16:53 2017 Tuesday ,05 September

Youssra depended on colored foam
Arab Today, arab today Saudi witnessing a remarkable growth

GMT 09:57 2017 Saturday ,23 September

Saudi witnessing a remarkable growth
Arab Today, arab today Etiquette expert underlines importance of gifts

GMT 17:52 2017 Sunday ,03 September

Etiquette expert underlines importance of gifts
Arab Today, arab today US-made bomb used in fatal strike

GMT 10:16 2017 Saturday ,23 September

US-made bomb used in fatal strike
Arab Today, arab today Saudi Arabia to unblock internet calling apps

GMT 11:31 2017 Wednesday ,20 September

Saudi Arabia to unblock internet calling apps
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today Ministry seeks to improve education

GMT 14:49 2017 Sunday ,17 September

Ministry seeks to improve education
Arab Today, arab today All eyes on May as she prepares

GMT 10:16 2017 Friday ,22 September

All eyes on May as she prepares
Arab Today, arab today Puerto Rico, Virgin Islands brace

GMT 12:01 2017 Wednesday ,20 September

Puerto Rico, Virgin Islands brace
Arab Today, arab today The history of solar eclipses

GMT 05:16 2017 Sunday ,20 August

The history of solar eclipses
Arab Today, arab today Mercedes pumps 1 bln euros    

GMT 06:04 2017 Friday ,22 September

Mercedes pumps 1 bln euros    
Arab Today, arab today Intel chips loaded in Waymo

GMT 14:43 2017 Wednesday ,20 September

Intel chips loaded in Waymo
Arab Today, arab today Lebleba is preoccupied in filming 'Back Street'

GMT 08:56 2017 Thursday ,21 September

Lebleba is preoccupied in filming 'Back Street'
Arab Today, arab today France hopeful of persuading Trump

GMT 06:21 2017 Wednesday ,20 September

France hopeful of persuading Trump

GMT 08:59 2017 Wednesday ,20 September

Youssra prepares for launching her program

GMT 18:09 2017 Thursday ,21 September

China lifts 10-year travel ban

GMT 16:53 2017 Saturday ,02 September

Mai importance of gifts during Eid Al-Adha

GMT 19:18 2017 Monday ,18 September

5,000 'Dieselgate' deaths in Europe per year

GMT 10:46 2017 Saturday ,05 August

Nanis reveals simple ideas for home renovation

GMT 18:03 2017 Thursday ,21 September

Alarm over flesh-eating ulcer cases

GMT 11:29 2017 Thursday ,21 September

Lufthansa chief eyes up to 78

GMT 17:12 2017 Monday ,07 August

Al-Shawaifi reveals secrets of total solar eclipse

GMT 12:46 2017 Thursday ,21 September

Google likely to buy stake in Taiwan smartphone maker HTC

GMT 11:37 2017 Saturday ,12 August

Fashion designer reveals her new collection
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday