Arab Today, arab today europe digs ever deeper debt hole
Last Updated : GMT 12:02:45
Arab Today, arab today
Arab Today, arab today

Europe digs ever deeper debt hole

Arab Today, arab today

Arab Today, arab today Europe digs ever deeper debt hole

Wroclaw - AFP

Europe is digging an ever-deeper hole as it vows to resolve the eurozone crisis, experts said on  Sunday as Greece readies for a pivotal week of international debt diplomacy. \"The otherwise fractious European Union leaders have united in their criticism of the markets, the IMF and now (US Treasury Secretary) Tim Geithner -- for being honest about the scale of problems facing the eurozone,\" Sony Kapoor, head of the Re-define think tank, told AFP. En route to New York and a frantic week at International Monetary Fund, World Bank and G20 gatherings, he said \"kill the messenger seems to be the new strategy\" for an EU \"plagued by parochialism, pettiness and procrastination.\" \"This does not bode well for the ability of EU leaders to respond to the big and urgent challenge posed by the unsustainable borrowing costs facing Italy,\" the eurozone\'s third economy, he said. Geithner had warned when in Wroclaw, Poland, on Friday for talks among EU finance ministers that Europe\'s \"governments and central banks need to take out the catastrophic risk to markets.\" In an eloquent put-down, European Central Bank chief Jean-Claude Trichet on Saturday said he didn\'t quite understand precisely what that \"catastrophic risk\" was. The key figure so far in bond-buying interventions that prevented Italy\'s borrowing costs from hitting the levels that triggered bailouts for Greece, Ireland and Portugal, Trichet was adamant the 17-nation eurozone could be more upbeat about its overall debt burden. He said that \"taken as a whole, it is probably better than other major advanced economies.\" As pointed out by German Finance Minister Wolfgang Schaeuble and others, the United States is in a far worse position, both in terms of its annual deficit -- tipped at 8.8 percent this year, as against Trichet\'s 4.5 percent -- and its legendary runaway national debts. Former French forein minister Michel Barnier quipped that the EU could perhaps invite China\'s finance minister as its headline guest next time out. The defiant stand towards Geithner came after eurozone ministers delayed a decision on when to release blocked bailout loans for Greece, as leaders press for ratification of changes to wider rescue funding. Boston University\'s Vivien Schmidt has her suspicions that with just five of the 17 having ratified a deal struck in July that also includes a second bailout for Greece, the discussion of a tax on financial transactions was really \"a smokescreen.\" Likewise, she asks, are ministers not placing their faith in Brazil, Russia, India, China and South Africa to \"come to the rescue of the PIIGS,\" Portugal, Italy, Ireland, Greece and Spain? The BRICS group said they would meet on the sidelines of the IMF talks to discuss buying eurozone bonds. Eventually, Schmidt believes, the eurozone \"will take the big leap\" towards \"e-bonds and common fiscal policy, which is the only answer to the crisis,\" but the question is when. There was some progress in discussions in Poland about recapitalisation of Europe\'s banks, as long championed by Sweden\'s Anders Borg, and Spain\'s Elena Salgado said more \"robust\" stress tests on banks were also needed. But French analyst Marc Touati of Assya Compagnie says European leaders have had endless opportunities to bring public finances and national economic disparities into line. \"This crisis is the result of a decade of political errors by European leaders who failed to make the eurozone a high growth zone, to reduce debt and deficits or harmonise taxes or the labour market,\" said Touati.  

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 europe digs ever deeper debt hole Arab Today, arab today europe digs ever deeper debt hole

 



Arab Today, arab today
Arab Today, arab today Mohamed Bahari prepares new collection for spring 2017

GMT 06:15 2017 Monday ,27 February

Mohamed Bahari prepares new collection for spring 2017
Arab Today, arab today 17.4 million tourists visit UAE in 2016

GMT 00:47 2017 Monday ,27 February

17.4 million tourists visit UAE in 2016
Arab Today, arab today Sheds light on major steps in 12-year career

GMT 06:07 2017 Monday ,27 February

Sheds light on major steps in 12-year career
Arab Today, arab today UN envoy sets out framework

GMT 07:25 2017 Monday ,27 February

UN envoy sets out framework
Arab Today, arab today Ayat Abaza says state TV presented major stars

GMT 03:52 2017 Sunday ,26 February

Ayat Abaza says state TV presented major stars

GMT 06:01 2017 Sunday ,26 February

BRIC funds see inflows amid emerging equity boom

GMT 05:43 2017 Sunday ,26 February

Al-Gergawi quits Dubai Holding to focus on govt role

GMT 05:14 2017 Sunday ,26 February

Oil prices to average $50-$70 through 2022

GMT 14:44 2017 Saturday ,25 February

China overtakes US as Germany’s top trade partner

GMT 05:53 2017 Saturday ,25 February

Global sovereign debt to hit new all-time high

GMT 05:17 2017 Saturday ,25 February

Oil world cautious on Trump’s next move

GMT 09:59 2017 Friday ,24 February

Baidu revenue slips anew amid ad clampdown
View News in Arabic - Business: نفط وبتروكيماويات
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today Reading therapy relieves mental disorders

GMT 15:39 2017 Friday ,24 February

Reading therapy relieves mental disorders
Arab Today, arab today UK appoints 1st Scotland Yard chief in 188 years

GMT 05:14 2017 Thursday ,23 February

UK appoints 1st Scotland Yard chief in 188 years
Arab Today, arab today Penguins in the age of dinos

GMT 11:44 2017 Saturday ,25 February

Penguins in the age of dinos
Arab Today, arab today Pluto's unruly moons

GMT 06:31 2015 Thursday ,04 June

Pluto's unruly moons
Arab Today, arab today 'Constructive' Vauxhall talk with union

GMT 08:54 2017 Saturday ,25 February

'Constructive' Vauxhall talk with union
Arab Today, arab today Tesla back into red but revenue grows

GMT 07:27 2017 Thursday ,23 February

Tesla back into red but revenue grows
Arab Today, arab today Reasons for the delay 'On the Stairs of Servants'

GMT 06:42 2017 Saturday ,25 February

Reasons for the delay 'On the Stairs of Servants'
Arab Today, arab today Ex-yoga missionary unleashes rage

GMT 12:16 2017 Thursday ,23 February

Ex-yoga missionary unleashes rage

GMT 07:23 2017 Friday ,24 February

Ola Ghanem hopes to work with M.Ramadan

GMT 12:35 2017 Tuesday ,21 February

63-Year-Old Woman Delivers Baby

GMT 18:23 2017 Friday ,24 February

Fadi explains secrets of  Nancy Ajram's newlook

GMT 10:28 2017 Wednesday ,22 February

Milan laughs while Rome cries

GMT 19:45 2017 Monday ,20 February

Sarah Belamesh designs antiques of "ceramic"

GMT 10:51 2017 Saturday ,25 February

Pigs with edited genes show resistance

GMT 14:04 2017 Friday ,24 February

Messi visit will contribute in tourism

GMT 13:12 2015 Saturday ,09 May

Sheikh Sultan opens Sharjah Centre

GMT 22:42 2017 Thursday ,23 February

Nasima Gamei revives heritage in jewelries
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