Posted on 12/08/2011 10:09:11 AM PST by NormsRevenge
French President Nicolas Sarkozy warned on Thursday that there would be "no second chance" if a crucial European Union summit failed to reach a deal to save the euro.
"Never has Europe been so necessary and never has it been in so much danger... Never has the risk of Europe's explosion been so great," Sarkozy said with only hours to go before the EU summit in Brussels.
"If we don't have an agreement on Friday, we will not have a second chance," Sarkozy told a meeting of European conservative parties in the French port of Marseille.
As EU leaders geared up for the last-chance summit to save the debt-laden eurozone from collapse, Paris and Berlin were desperately drumming up support for their plan to amend treaties to fix the currency union.
German Chancellor Angela Merkel expressed hope of a deal and urged non-eurozone EU members like Britain to back reforms.
"We will find good solutions. I'm convinced that we will find a solution to all these questions," Merkel said in Marseille, admitting that talks would be "difficult" at the EU summit.
...
The European Central Bank meanwhile sought to give the eurozone some breathing room, cutting its key interest rates for the second time in two months.
The ECB's governing council, under intense pressure to act, cut the rate for its main refinancing operations by a quarter of a percentage point to 1.00 percent at the regular monthly meeting here.
The euro immediately firmed to 1.3418 dollars from 1.3380 before the rate decision.
The Franco-German plan would impose stricter fiscal rules including legal or constitutional limits on deficits and automatic penalties for eurozone nations that overspend.
(Excerpt) Read more at news.yahoo.com ...
German Chancellor Angela Merkel shakes hands with French President Nicolas Sarkozy after a press conference at the Elysee palace in Paris on December 5. France and Germany drummed up support for their plan to fix the eurozone as European leaders geared up for a do-or-die summit to save the debt-laden currency union from collapse. (AFP Photo/Eric Feferberg)
France's President Nicolas Sarkozy sits next to German Chancellor Angela Merkel and European Commission President Jose Manuel Barroso after he delivered his speech at the Conservative European People's Party congress in Marseille, December 8, 2011. REUTERS/Jean-Paul Pelissier
Oh... of course there will be. Max Keiser described it quite aptly using a Slinky in one of his vids.
LOL. (In)Famous last words. Is there anyone within 500 million light years that actually believes that?
So the markets are getting set for a nice bounce or a big crash. Are you feeling lucky?
“Sarkozy warns ‘no second chance’ if euro summit fails”
Promise?
The problem is you can’t just walk away from the euro because the bastards will sue you forever for reparations.
So the thing has to end ugly and nasty.
Make or break time.
And it looks like “break” could win.
Ping.
Why not a “Northern Euro” and a “Southern Euro?”
how about a “Real Euro”
and a......
“PIGS Euro”
(’PIGS’ as in the weaklings Portugal-Italy-Greece-Spain although perhaps Ireland needs to be included)
p.s. nothing against those fine countries except for their execrable socialist policies and budgetary fiascos..... I actually have ancestry from 3 of them!!)
yitbos
Good Point. Europe is very small (Germany is about the size of the State of Oregon), but each Country has at least one distinctive culture.
The current problem (pun intended) is that the worth of the currency is dependent in no small part on the self-work ethic. Northern Italy and Southern Italy are nearly as diverse as Germany and Greece, in terms of the self-work ethic.
One unintended consequence of the invention of the Euro was ignoring the differences in the self-work ethic.
Maybe one size does not fit all? Hence, two Euros.
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