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This is a case of Germany and France (especially Germany) looking for someone else to pick up the tab for their problem.
The Euro was great for Germany. They got a currency - the Euro - which was 'cheaper' than the old Deutschmark but most of their competitors in Europe got a currency that was more 'expensive' than the one they had before. So Germany made a ton of money out of being in the Euro while weaker countries (the PIIGS) did less well. Now that the bill for their prosperity has come due, Germany is looking for someone else to pay.
Germany needs the Euro. They cannot afford to go back to the Deutschmark as its valuation would kill their exports. The question is whether they manage to get others to pay for them.
Right. Only those that want to spend more money they don't have know what they're talking about.
Obviously you and KU had no idea the bill was about asking the EU member countries to amend their constitution to include a balanced budget amendment. You came in only to throw mud as you didn't know what the issue was.
Quote:
According to a statement issued after the meeting broke up, governments participating in the agreement will need to have balanced budgets -- which is counted as a structural deficit no greater than 0.5 percent of gross domestic product -- and will have to amend their constitutions to include such a requirement.
Quote:
there was no agreement on boosting the eurozone's own bailout funds, meant to rescue countries having trouble refinancing their debts. In their statement, the currency union's leaders put it off until March to decide whether their rescue funds need to be able to provide more than euro500 billion in help to struggling countries.
Last edited by Finn_Jarber; 12-10-2011 at 07:01 AM..
My knowledge is limited too, but I have some thoughts. For instance, I do know that GB and Ireland have a lot of the populist demagoguery we have here. They love to rage against the EU, unless they see something in it for themselves. Trust me, the Brits would never pass an opportunity to get something for nothing, but tend to not want to support the continental experiment when they think it will cost them.
I also know that the British/Irish housing bubble was a major source of a lot of this mess. Like here, plenty of wealthier Brits are sitting on loads of unearned cash from that debacle, even as huge numbers of poorer people in Britain, Ireland, Spain, and Portugal were destroyed when it went south. Germany, with a declining population, had no part in the bubble (I don't think France did either, but I could be wrong), and asking them to foot the bill for an Anglo-Saxon-fueled recession is a bit much. It is rather ironic that the Germans seem to be the good guys this time around.
As for Greece, I think they should be booted from the EU, and perhaps replaced with Turkey. That level of corruption is insupportable. Let them rot.
Hehe, limited knowledge never prevents an opinion does it?
My knowledge is limited too, but I have some thoughts. For instance, I do know that GB and Ireland have a lot of the populist demagoguery we have here. They love to rage against the EU, unless they see something in it for themselves. Trust me, the Brits would never pass an opportunity to get something for nothing, but tend to not want to support the continental experiment when they think it will cost them.
I also know that the British/Irish housing bubble was a major source of a lot of this mess. Like here, plenty of wealthier Brits are sitting on loads of unearned cash from that debacle, even as huge numbers of poorer people in Britain, Ireland, Spain, and Portugal were destroyed when it went south. Germany, with a declining population, had no part in the bubble (I don't think France did either, but I could be wrong), and asking them to foot the bill for an Anglo-Saxon-fueled recession is a bit much. It is rather ironic that the Germans seem to be the good guys this time around.
As for Greece, I think they should be booted from the EU, and perhaps replaced with Turkey. That level of corruption is insupportable. Let them rot.
Hehe, limited knowledge never prevents an opinion does it?
Turkey wanted in back when Germany and France were in cahoots to get Iraq oil bourse up trading in euro's. I don't think they want into that mess anymore unless they don't mind handing money away for the collective to burn.
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