Who wouldn’t trust these friendly fellows?
Posted on 06/05/2012 12:00:49 AM PDT by Olog-hai
Top EU officials Herman Van Rompuy and Jose Manuel Barroso have told Russia that the euro is a safe bet.
The two men spoke alongside Russian leader Vladimir Putin in a press briefing after the 29th regular EU-Russia summit, held on Monday (4 June) in St. Petersburg.
Van Rompuy promised to publish a blueprint for deeper EU economic integration "by the end of this year" and predicted that eurozone GDP will grow between 1 and 3 percent in 2013.
"There is no way back for the euro, there is only the way ahead of more integration … As for what happens if we fail, I will not answer hypothetical questions. We will not fail. We will not fail," he said. …
For his part, Putin praised the EU delegation for its "very determined ... very professional" approach to the crisis. "The forecast is very optimistic," he said.
Forty percent of Russia's foreign currency reserves are held in euros. The EU last year also imported €158 billion ($198 billion) of Russian oil and gas. …
(Excerpt) Read more at euobserver.com ...
In other words, Sell!
Who wouldn’t trust these friendly fellows?
“PEACE IN OUR TIME”... EU NEVER changes.
LLS
It’s only a matter of time. A currency that is backed by nothing is doomed to fail. The Euro was a bad idea to begin with, and the EU knows it.
Heck, I can hear the Russians muttering “Doveryai no poveray” from my front door...
The European Commission's top economists warned the politicians in the 1990s that the euro might not survive a crisis, at least in its current form. There is no EU treasury or debt union to back it up. The one-size-fits-all regime of interest rates caters badly to the different needs of Club Med and the German bloc.And since people like the Spanish Prime Minister are calling for exactly that, their “beneficial crisis” is having precisely the effect they want it to.
The euro fathers did not dispute this. But they saw EMU as an instrument to force the pace of political union. They welcomed the idea of a "beneficial crisis". As ex-Commission chief Romano Prodi remarked, it would allow Brussels to break taboos and accelerate the move to a full-fledged EU economic government. …
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