Featured Stories World News Commentary Money Watch Multimedia Prison Planet U.S. News Science And Technology

Greenspan: South Must Follow North for Euro to Survive

  • Print The Alex Jones Channel Alex Jones Show podcast Prison Planet TV Infowars.com Twitter Alex Jones' Facebook Infowars store

October 7, 2011

The euro zone is likely to need political unification to bridge the differences between the profligate south and the prudent north in order to save the euro, Alan Greenspan, former chairman of the US Federal Reserve, wrote in an opinion piece in the Financial Times.

“It seems inevitable that for the euro to prevail, something more formidable than the failed stability and growth pact is needed to constrain aberrant behavior,” Greenspan wrote. “It may be that nothing short of a politically united euro zone, or Europe, will, in the end, be seen as the only way to embrace the valued single currency.”

The crisis in the euro zone is not just one of debt but one of culture, as the burden is mainly on southern Europe, while northern countries’ spreads against Germany are tight, he argued.

“If the euro is to remain a viable currency across the euro zone, members must behave in the responsible manner contemplated in the Maastricht treaty. But it is not clear that culture, so integral to a nation’s personality, can be easily altered,” Greenspan wrote.

Full article here

This article was posted: Friday, October 7, 2011 at 2:06 am

Infowars.com Videos:

Comment on this article

Comments are closed.

Watch the News

There's Something Wrong With Hillary See the rest on the Alex Jones YouTube channel.

Morgan Freeman: 'We Are At War With Russia' See the rest on the Alex Jones YouTube channel.

https://www.youtube.com/embed/yyMhpReL_F4 https://www.youtube.com/embed/1cjrZZyxowo

© 2017 PrisonPlanet.com is a Free Speech Systems, LLC company. All rights reserved. Digital Millennium Copyright Act Notice.