A Second Wave; The Euro Crisis  

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Jenis: Article from Bulletin/Magazine
Dalam koleksi: The Economist (http://search.proquest.com/) vol. 399 no. 8738 (Jun. 2011), page 30-32.
Topik: Bailouts; Economic Aid; Economic Crisis; European Monetary Union
Fulltext: The euro crisis.pdf (58.77KB)

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Europe's year-long attempt to grapple with the sovereign-debt crisis is becoming more nailbiting by the day. For weeks European leaders have been feuding over what to do about Greece, which clearly needs more help with its precarious public finances. Ireland's banking difficulties forced a second rescue last November. After that a third bail-out became inevitable, for Portugal, as the cost of its government borrowing shot up and Portuguese banks were shut off from normal funding, coming to rely on the European Central Bank, based in Frankfurt. But a still bigger issue is at stake. Even if the European Council manages to cobble together a compromise that buys time for Greece, the fear is that Europe's bold experiment--creating a monetary union among diverse economies without the underpinning of a fiscal union--may have been too audacious. If it founders, this would be an extraordinary setback for the larger cause of European integration. Though the ministers will doubtless go on talking, it is increasingly hard to see a safe way out of this crisis.

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