by Bill McBride on 3/20/2010 01:09:00 PM
Saturday, March 20, 2010
Click on graphic for Full Image at Der Spiegel
This graphic is from Anne Seith at Der Spiegel: Moment of Truth for Europe's Common Currency
Greece's financial difficulties have exposed numerous weaknesses which threaten Europe's common currency. Now, policy makers and economic experts are trying to find ways to stabilize the euro. SPIEGEL ONLINE takes a look at the proposals.Seith looks at several proposals from the formation a common EU economic government, to having better and automatic economic stablizers, to a Eurpoean Monetary Fund (EMF). None seem likely in the near term ...
"Worst of the IMF, without the benefits of a loan"
And from Le Monde (Google Translation): The cacophony lowers the euro
Greek Prime Minister George Papandreou has ... called for EU leaders to agree at the summit of Heads of State and Government on 25 and 26 March. Otherwise, it could well turn to the IMF. ... Mr. Papandreou stressed that with the austerity measures demanded by Brussels to Athens, his country had, in theory, "the worst of the IMF, but without the benefits of a loan".
Meanwhile, the IMF scenario seems to attract more and more within a Euro disoriented. After Germany, it is the Netherlands, Finland and Sweden are out of the woods Friday to support such intervention. Some are opposed, however, as the President of the European Central Bank (ECB), Jean-Claude Trichet.
Posted by Bill McBride on 3/20/2010 01:09:00 PM