Article

2010-05-10 Europe

Europe cracks in the heat of Greece's flames

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Posted by lotp 2010-05-10 00:00|| || Front Page|| [11125 views ] Top

#1 The WSJ has some of this weekend's developments; BRUSSELSThe European Union agreed on an audacious 750 billion ($955 billion) bailout plan in an effort to stanch a burgeoning sovereign debt crisis that began in Greece but now threatens the stability of financial markets world-wide...The measures discussed in Brussels make clear how far the crisis is stretching the founding principles of the common currency. Those principles emphasize that each euro-zone country is committed to managing its own fiscal affairs...The EU treaties contain a so-called no-bailout clause, which forbids the bloc or any member to "be liable for or assume the commitments of" another EU country. The treaties bar the European Central Bank from lending to countries or buying their debt directly. To get around these obstacles, European officials appear to be relying on vaguer parts of the treaties, or on novel interpretations.

Posted by Anguper Hupomosing9418 2010-05-10 00:37|| 2010-05-10 00:37|| Front Page Top

#2 Money: meet black hole. Jump on in. Room for all the money.

Posted by Alaska Paul 2010-05-10 02:09|| 2010-05-10 02:09|| Front Page Top

#3 Too bad these two sentences weren't in the same article:

To get around these obstacles, European officials appear to be relying on vaguer parts of the treaties, or on novel interpretations.

Casue and effect:
Another is public disgruntlement with Europe's governing elite.

Posted by Bobby 2010-05-10 05:53|| 2010-05-10 05:53|| Front Page Top

#4 So, EU suggests cutting back on spending and the Greeks go crazy, kill three people, and insist that no changes are needed. They'll kill to keep their free-spending way of life. Meanwhile, EU elites ignore those pesky treaties to do what they know is best, because they're the best and know what's best. Always.

Posted by gromky 2010-05-10 06:04|| 2010-05-10 06:04|| Front Page Top

#5 Behold the result of outcome egalitarianism. Destroyed property and murdered pregnant girls.

Some individuals/groups/countries/civilizations/societies are less good at creating wealth or a standard of living than others. Get over it. Nothing humans can do will make the differences between individuals or societies go away except for violence and tyrrany. The result of efforts to make everyone's economic outcome equal will ALWAYS be worse than letting people rise or sink to their own standard of living based on their own skill level, work ethic, and smarts in whatever technological milieu exists at the time. Why hasn't the left figured that out? They seek to make everyone equal by tearing down the best, by spreading mediocrity instead of allowing people to achieve their best.

Trying to make everyone all the same to suit some leftist ideology or narrative will never, ever work. Read Federalist #10, or Hayek, or Friedman.

Posted by no mo uro 2010-05-10 06:19|| 2010-05-10 06:19|| Front Page Top

#6 Enough to make one wonder if the lights are going out. But the markets are pleased to have the appearance of being appeased, so everyone will be happy. Today. And then the hangover.

Posted by Nimble Spemble 2010-05-10 07:09|| 2010-05-10 07:09|| Front Page Top

#7 Oh, the situation is grim NS. The only way to get out of the economic death spiral is to cut entitlements. And if you think a democratically elected government will commit political suicide I have some nice ocean front property in Nevada for ya.
I see this as the decade of massive economic turmoil and violence for the west. We'll see if it recovers.

Posted by DarthVader 2010-05-10 08:12|| 2010-05-10 08:12|| Front Page Top

#8 Prediction: Now - big show of resolve and unified action to deal with the crisis. In a few months when things calm down, France and Germany will quietly shove Greece out of the Euro zone.

BTW, headline would be better w. phrase 'Greek fire'

Posted by DMFD 2010-05-10 10:57|| 2010-05-10 10:57|| Front Page Top

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