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| Europe |
| Euro could collapse and Europe unravel: French minister |
| 2011-12-09 |
| [Dawn] The European single currency could break up and Europe itself unravel if politicians fail to tackle the region's debt crisis, La Belle France's minister for European affairs warned Thursday. "The situation is serious...the euro can explode and Europe unravel," Jean Leonetti told La Belle France's Canal Plus television, hours ahead of what is being seen as a crucial European summit on the issue in Brussels. He said that if possible all 27 members of the European Union ...the successor to the Holy Roman Empire, only without the Hapsburgs and the nifty uniforms and the dancing... should be involved in talks on tackling the debt crisis but that non-eurozone members might have to be excluded. "When there are some in the 27 who say 'I'm not interested in what you are talking about because I never want to join the euro'," like Britannia for example, "this should not cause paralysis," he said. The most difficult point of contention at the summit would be "discipline," he said, a reference to La Belle France and Germany's efforts to force other eurozone members to accept legal limits on their budget deficits and automatic sanctions for countries who break the rules. Leonetti also criticised credit rating agencies, who have warned eurozone nations of downgrades if they fail to deal with the crisis. "They annoy me a bit...It is not for the credit agencies to be involved in politics, that is for the people and the people's representatives," he said. |
| Posted by:Fred |
| #10 When was EUrope actually raveled? |
| Posted by: Nimble Spemble 2011-12-09 16:15 |
| #9 I knew it was a bad idea when Anti-Christ JR Chirac built this horrid combined currency and EU system. The whole thing was geared to give Germany the upper hand. But with European babies, they take no responsibility for their economies and eventually dragged Germany down with it. Who woulda thunk it? Been tracking it for awhile. |
| Posted by: newc 2011-12-09 12:00 |
| #8 I forgot there's no French word for entrepreneur. |
| Posted by: Bright Pebbles 2011-12-09 11:46 |
| #7 BP, who will pay for ze vacations? Mon Dieu! |
| Posted by: AlmostAnonymous5839 2011-12-09 11:35 |
| #6 "Euro could collapse and Europe unravel: French minister" and the bad news is? |
| Posted by: Bright Pebbles 2011-12-09 10:07 |
| #5 Bottom line: The pattern is for someone to give a dire warning, which drops the markets, then for the EU leaders to come out with some vague and unworkable ideas, to which the markets recover until the next gloom and doom pronouncement. Eventually the markets should wake up that there is no solution, but for the time being they are in the arms of Morpheus, enjoying their sweet dreams, and would prefer to remain asleep. |
| Posted by: Anonymoose 2011-12-09 09:49 |
| #4 "They annoy me a bit...It is not for the credit agencies to be involved in politics, that is for the people and the people's representatives," he said. The poor chap is very confused about what politics is. In essence it's about lenders, who are advised by credit agencies and borrowers who are "sovereigns" who have to pay the money back. Since the dawn of time the dichotomy between these two is what defined what politics is. When money was lent to a regent, very often the debt died when the regent died. Also regents had a habit of defaulting, witness Spain. Some one in Holland came up with the idea that the country could be turned into corporation and the share holders/taxpayers would be responsible for the debt, under control of a parliament which was elected by the burgers. (no lumpenproletarians, if you didn't accept responsibility for repayment, you didn't get to vote)In a brilliant PR exercise they named the system "democracy" and it stood up well for the next hundred years in their war with Spain. The idea worked so well for the lenders that they suggested it to the English, who adopted it in the Glorious Revolution. From there it made its way across the pond to the colonials. Everything worked well while the parliamentary franchise was limited to the burgers who paid taxes which guaranteed repayment of loans. But then the franchise was extended to those who didn't pay taxes and after that everything went pear shaped as they took control and started voting themselves entitlements to which they hadn't contributed. Now these borrowers think that lenders shouldn't have the benefit of credit agencies. The guy is living in la-la land. |
| Posted by: tipper 2011-12-09 09:41 |
| #3 Third time's a charm? |
| Posted by: Raj 2011-12-09 08:01 |
| #2 Europe itself unravel Some think Europe unraveled a long time ago. |
| Posted by: g(r)omgoru 2011-12-09 06:44 |
| #1 The inevitable must happen |
| Posted by: newc 2011-12-09 00:06 |