Huge Mess, Untidy Solutions; Europe's Policy Options  

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Jenis: Article from Bulletin/Magazine
Dalam koleksi: The Economist (http://search.proquest.com/) vol. 400 no. 8742 (Jul. 2011), page 68-69.
Topik: Financial Crisis; Debt Crisis; Europe; Euro Zone Crisis; Economic Condition; Bail-out; National Authorities; Recapitalize

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It must have been a satisfying letter to write. European finance ministers meeting in Brussels at the start of this week got a stern wigging from George Papandreou, the Greek prime minister. Insisting that his country had done its bit by pushing through painful reforms, he condemned the "indecisiveness and errors" of the European response to the crisis: "a cacophony of voices and views" had prevailed, "creating more panic than security". Mr Papandreou's critique rings true but there is no denying the complexity of the threefold problem confronting European leaders, who are said to be planning an emergency summit in Brussels. First, they must make up their minds on how to deal with Greece, rescued once but needing even more help. Second, they must prevent the crisis taking deeper hold, not just in Ireland and Portugal, but also in Italy and Spain, the third- and fourth-biggest economies respectively in the euro area. And third, they must ensure that the sovereign-debt crisis does not precipitate a banking crisis--results of stress tests on European banks are due to be published late on July 15th, with a stream of announcements from national authorities on how they plan to recapitalise failing institutions likely to follow.

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