Belgium

Eurozone Crisis to Come to an End?

Talks to come to an agreement ended late Wednesday night in Brussels. The talks were to help Greece get its finances in order and make sure other countries such as Italy and Spain do not drown in debt like their sister Greece has been. The big part of the plan is to make the banks holding Greece’s debt to take a 50% haircut which in turn would take away 50% of Greece’s debt right off the bat making things a little more manageable. Furthermore, Eurozone’s bailout fund would increase to one trillion Euros and banks are encouraged to raise more capital to ensure they could with stand another government default.

As European Commission President Jose Manuel Barroso has said “...Europe is closer to resolving its financial and economic crisis and to getting back on a path of growth", this is an enormous stride in the fiscal recovery for the Eurozone in terms of financial stability and making sure the contamination of Greece is quarantined and does not spread to other struggling countries. Many have said this is a perfect example of what Europe can accomplish in times of, and I could not agree more. They have made plans to ensure economic prosperity while keeping everyone relatively happy. Maybe the United States should take a page from Europe’s playbook on putting aside the B.S.

Liberal

http://www.deredactie.be/cm/vrtnieuws.english/news/111027_EUdeal

http://www.bbc.co.uk/news/world-europe-15478358

October 27, 2011 at 10:44 pm