The Fall of the Occident is near

[C0ckney]

it looks like an economic government of europe is drawing nearer. this is a europhile's wet dream. now countries in northern europe will get to dictate the budgets and spending plans of southern european nations, in exchange for the money to keep them afloat. they'll have to ensure that these countries stick to tough measures and get their tax systems and public spending under control (best of luck with that!).

[Ben Kenobi]

CDN up to 78 cents on the Euro. If it hits 80, that's a record high.

[DaShi]

it looks like an economic government of europe is drawing nearer. this is a europhile's wet dream. now countries in northern europe will get to dictate the budgets and spending plans of southern european nations, in exchange for the money to keep them afloat. they'll have to ensure that these countries stick to tough measures and get their tax systems and public spending under control (best of luck with that!).

Then it will be war and all will be right again.

[VetLegion]

it looks like an economic government of europe is drawing nearer. this is a europhile's wet dream. now countries in northern europe will get to dictate the budgets and spending plans of southern european nations, in exchange for the money to keep them afloat. they'll have to ensure that these countries stick to tough measures and get their tax systems and public spending under control (best of luck with that!).

Seems like that, yes.

[Barnabas]

The recession will continue for years, all these cuts will only make the recession longer. Cutting wages + cutting wage spending = longer recession that can turn into an economic depression. and even less tax collection for paying the debt that forced them to make those cuts in first place.

The only right thing to do is leaving the euro, defaulting and getting a cheaper currency.

[Dinner]

That's the cost of getting the economy back on sound footing. They would have been better off not to have screwed the pooch to begin with.

[Wezil]

I hope Americans understand that when their day of reckoning comes.

[BeBMan]

Well, the situation is **** in the eurozone now, so we need someone to blame.

"Ha, US has lotsa debt too!"

"Greece cheated over years, but with help of Goldman Sachs, who are behind everything!"

*runs*

[aneeshm]

Watching this carnage is fun.

[Dinner]

French President Nicolas Sarkozy threatened to pull out of the euro unless German Chancellor Angela Merkel agreed to back the European Union bailout plan at a summit last week in Brussels.

http://www.businessweek.com/news/2010-05-14/sarkozy-threatened-to-quit-euro-to-prod-merkel-el-pais-says.html

[BeBMan]

Of course, the gov says say it isn't true.

If true however either Sarko wanted to save the Euro or French banks (or both) which are afaik quite heavily engaged in Greece so could lose a lot if the country goes downhill completely.

That being said Merkel is constantly under fire now for weeks for lack of leadership in this. It's quite a dilemma, she wants to keep the Euro, but otoh doesn't want Krautland to pay ever more since it's of course unpopular. Also any move towards a loss of souvereignty of weak Euro countries that would get their budgets dictated by the EU (=the stronger member countries) is a political minefield as C0ckney already noted.

[Riesstiu IV]

The EU is beginning to sound like one massive Ponzi scheme.