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Cracks appear in EU unity as fears spread for future of the eurozone

Posted By admin On May 22, 2010 @ 6:19 am In World News | Comments Disabled

Vanessa Mock
London Independent [1]
May 22, 2010

Europe’s governments struggled to mask sharp differences yesterday even as they backed new sanctions for indebted countries in the battle to prevent a debt crisis from spiralling into an emergency that threatens the very survival of the euro.

Germany’s two houses of parliament rubber-stamped the country’s contribution to the €750bn (£652bn) package of loans and guarantees, the so-called “shock and awe” package hammered out by European leaders this month to prevent a Greek-style debt crisis from afflicting any other nation in the euro area with threatened bankruptcy.

Germany’s backing, despite a mood of public anger over the cost of bailing out Greece, was a clear signal to the markets that the biggest eurozone economy is strongly committed both to ending the debt crisis and to propping up the single currency in the longer term.

 But EU finance ministers meeting in Brussels to discuss an overhaul of the rules underpinning the euro were under renewed pressure after a spat between the leaders of France and Germany this week triggered fresh market jitters.

Since the bailout package was agreed, it has become clear that governments also need to back it with a major review of the rules that govern the euro. But anything that would require an amendment to the EU Treaty risks provoking a political crisis, not least in Britain.

Full article here [1]

Cracks appear in EU unity as fears spread for future of the eurozone 150410banner1 [2]


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URLs in this post:

[1] London Independent: http://www.independent.co.uk/news/world/europe/cracks-appear-in-eu-unity-as-fears-spread-for-future-of-the-eurozone-1979948.html

[2] Image: http://infowars-shop.stores.yahoo.net/inemnewwoord.html

[3] Euro hits four-year low on fears debt crisis will spread: http://www.prisonplanet.com/euro-hits-four-year-low-on-fears-debt-crisis-will-spread.html

[4] Geithner urges unity in euro zone crisis: http://www.prisonplanet.com/geithner-urges-unity-in-euro-zone-crisis.html

[5] Eurozone debt crisis: it’s fiscal union or bust, says Pimco: http://www.prisonplanet.com/eurozone-debt-crisis-its-fiscal-union-or-bust-says-pimco.html

[6] AXA fears ‘fatal flaw’ will destroy eurozone: http://www.prisonplanet.com/axa-fears-fatal-flaw-will-destroy-eurozone.html

[7] EU to Set Up Fund to Prevent Spread of Greek Crisis: http://www.prisonplanet.com/eu-to-set-up-fund-to-prevent-spread-of-greek-crisis.html

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