Free Republic
Browse · Search
News/Activism
Topics · Post Article

Skip to comments.

Eurozone Crisis: Merkel Tells Athens And Paris To Stick To Spending Limits
Guardian (UK) ^ | May 07, 2012 | Ian Traynor

Posted on 05/07/2012 5:52:59 PM PDT by Steelfish

Eurozone Crisis: Merkel Tells Athens And Paris To Stick To Spending Limits Efforts to save the euro under threat after EU leaders' strategies collide with the wishes of voters in Greece and France

Ian Traynor 7 May 2012

Europe's 30-month effort to save the euro by slashing spending and debt levels risks turning into a crisis of political legitimacy after EU leaders' strategies collided spectacularly with the wishes of voters in Greece and France.

The impasse was most graphically demonstrated when Germany's chancellor, Angela Merkel, insisted Athens must comply with the stringent terms of its €130bn (£100bn) bailout even though more than 60% of the Greek electorate had voted for parties rejecting those terms.

Following a French election campaign in which she strongly backed the loser, Nicolas Sarkozy, and snubbed the president-elect, François Hollande, Merkel stressed her opposition to Hollande's central campaign pledge: reopening the euro's new rulebook, or fiscal pact.

"That's just not on," she told a Berlin press conference called to address the huge shift from right to left in France.

The first attempt to cobble together a new Greek government collapsed quickly when Antonis Samaras, the centre-right leader, called off negotiations. Greece appears to be on the brink of ungovernability as a result of a messy election triggered by the euro crisis. The stock market suffered its worse fall since 2008, losing as much as 8% of its value before closing 6.7% down. The country's banking index was 13% lower.

Market analysts shortened the odds against the country's chances of surviving in the single currency.

(Excerpt) Read more at guardian.co.uk ...


TOPICS: Business/Economy; Germany; News/Current Events
KEYWORDS: eucrisis; franceelection; greeceelection; merkel

1 posted on 05/07/2012 5:53:05 PM PDT by Steelfish
[ Post Reply | Private Reply | View Replies]

To: Steelfish

“Europe’s 30-month effort to save the euro by slashing spending and debt levels...”

What slashing are they talking about?

http://www.freerepublic.com/focus/f-news/2880997/posts


2 posted on 05/07/2012 6:03:41 PM PDT by aquila48
[ Post Reply | Private Reply | To 1 | View Replies]

To: Steelfish

I’m going to buy Mel Brooks’ “Silent Movie” on DVD just so I can get a screen clip of the “Trash Can Size Popcorn” for this Euro-cagematch.


3 posted on 05/07/2012 6:06:42 PM PDT by jiggyboy (Ten percent of poll respondents are either lying or insane)
[ Post Reply | Private Reply | To 1 | View Replies]

To: Steelfish
Greece can tell Merkel no more arms deals for them they spend 25% of their GDP on weapons from Germany France and the USA.
4 posted on 05/07/2012 6:34:15 PM PDT by guitarplayer1953 (Grammar & spelling maybe wrong, get over it, the world will not come to an end!)
[ Post Reply | Private Reply | To 1 | View Replies]

To: aquila48

Exactly....there is no real spending cuts in Europe, just the growth of spending.....

At some time in the future quickly.... This will bite us in the ass....

The financial world is interconnected.... No way we don’t get hurt by the Euro crashing....


5 posted on 05/07/2012 6:34:51 PM PDT by Popman (America is squandering its wealth on riotous living, war, and welfare.)
[ Post Reply | Private Reply | To 2 | View Replies]

To: Steelfish
i have a legit question:

all these countries like Greece have borrowed a ton denominated in the Euro. what happens if they go off the euro? do they just totally default on all the euro denominated bonds or do they pay them? what haps if the euro ceases to exist, which seems likely?

do all the euro bonds go away or does someone try and figure out some conversion rate from say the drachma to the euro?

6 posted on 05/07/2012 6:35:03 PM PDT by beebuster2000
[ Post Reply | Private Reply | To 1 | View Replies]

To: Steelfish

The Euro will collapse. This is really WWIII, and this time Germany will win. Scary stuff.


7 posted on 05/07/2012 8:23:56 PM PDT by Randy Erickson
[ Post Reply | Private Reply | To 1 | View Replies]

To: Randy Erickson
scary times....all because of the banking elites and their willing enablers...IMO anyway....

we've been duped, spitout, buried, and then dug up again to be duped again....

8 posted on 05/07/2012 10:01:33 PM PDT by cherry
[ Post Reply | Private Reply | To 7 | View Replies]

To: Randy Erickson

“This is really WWIII, and this time Germany will win. Scary stuff.”

Not sure about that. I was just in Munich and there are not any Germans there. Looked like the people were all from the Middle East.


9 posted on 05/08/2012 1:37:42 AM PDT by ThunderStruck94
[ Post Reply | Private Reply | To 7 | View Replies]

Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.

Free Republic
Browse · Search
News/Activism
Topics · Post Article

FreeRepublic, LLC, PO BOX 9771, FRESNO, CA 93794
FreeRepublic.com is powered by software copyright 2000-2008 John Robinson