Posted on 12/08/2011 10:56:08 PM PST by tcrlaf
The 17 eurozone states and six other EU countries agreed early Friday to create a new treaty that will allow them to introduce stricter fiscal rules in the hope of containing a worsening debt crisis, but Britain's prime minister immediately threatened to block the new accord.
The failure to get agreement among all 27 members of the European Union at a summit meeting in Brussels reflected in large part a deep split between France and Germany on the one hand and Britain on the other. France and Germany are the two largest economies in the eurozone; Britain does not use the euro as its currency.
Britain's Conservative Prime Minister David Cameron said Friday "the institutions of the European Union belong to the European Union, belong to the 27" member states.
Cameron wished the eurozone nations luck in finding a solution to the crisis, which he conceded was in the interst of Britain, too, but said it was not in the U.K.'s interest to join the new treaty because he could not get special safeguards for the country's financial center.
(Excerpt) Read more at cbsnews.com ...
The ones who don't, and who generally are more likely to back the US (especially on foreign affairs) are on the periphery - the UK, Ireland, Portugal, Hungary, Poland, the scandic countries etc.
So its not really all that surprising Sweden is out. The EU was formed by the central European powers and they fixed it so that it most benefited themselves (obviously).
More importantly, you can’t have a common currency without common economies. How can you marry Germany, which is an industrial export type economy, with Greece, which is largely agriculture and tourism, and the UK, which is now largely a service economy (expecially financial service)? A euro may be theoretically worth the same across the continent, but in fact you can buy far more with a euro in, say, Portugal than you can in, say, the Netherlands.
I thought, like the UK, the Czech Republic didn’t use the Euro? Do you know which nations do and which don’t use the Euro?
Excellent post!
I totally agree!
You are very fiscally astute.
“Thatcher: ‘Never’ join the euro”
The European Stability Mechanism (ESM), the euro zone’s permanent bailout fund.
Yes, The false (NON-collateral) paper makers SYSTEM. “Pan-fiscal”, IMF of course included so the “US’ right in with it.
Look for more price pressures in the U.S. and/or further sustain prices especially combined with unemployment.
If they try to exchange high unemployment for govt.-work-jobs, look for gas at 8.00-10.00 range. If they keep the same unemployment, gas will not fall *neither essentials)
All the while the bank-o-crat SYSTEM, makes off with huge salaries/pensions/assets, while others pay the price. Theft game.
Imagine “X” being at home in the basement, printing up some “paper” SIVs, “paper” CDOs, paper so called bonds, etc.,, then co-mingling these with peoples life savings/pensions/401Ks, calling them AAA WITHOUT DUE DILEGENCE, and then buying/investing in ANYTHING, calling them AAA. Then when uncovered, by blackmail or bust, run away with the loot.
“’Where liberty dwells, there is my country." –Benjamin Franklin
REFUSE. RESIST. Do NOT Submit! ★FREEDOM!★
You’re correct. I guess all this essentially means is that none of those countries are continuing to pay lip service to “our long term goal is the adoption of the Euro”.
In answer to your question...
1) Andorra
2) Austria
3) Belgium
4) Cyprus
5) Estonia
6) Finland
7) France
8) Germany
9) Greece
10) Ireland
11) Italy
12) Kosovo
13) Luxembourg
14) Malta
15) Monaco
16) Montenegro
17) Netherlands
18) Portugal
19) San Marino
20) Slovakia
21) Slovenia
22) Spain
23) Vatican City
Thank goodness that I don’t see the Czech Republic included. Nor Scotland, and Northern Ireland.
Thanks for the link.
Thanks for the info. Imagine being a country that had been under the Soviet heel for all those decades, finally gaining freedom, then finding yourself in this pickle!
My notion re the Czech Republic was based on my daughter’s experience there ... she and a Brit friend were traveling Eastern Europe and gave Euros to pay cab fare in the Czech Republic. OMG. What an experience... cabbie started screaming at them, drove them across town like a maniac, stopped the cab, threw their bags out onto the street, and took off. SO they figured the CR didn’t take Euros ;)
Bad for U.S.
The whole idea of the EU was ill-founded and ultimately undoable. They wanted to be an economic force to compete with the US, but with the history of Europe, I can’t imagine how they thought that would succeed. Not too sure the US as it is today isn’t as fragmented as Old Europe. Hopefully “the West” gets its act together soon.
My husband is third generation Czech, so I try to keep up. ;o)
I’m sorry that happened to your daughter, but what a lesson she learned.
I <3 Eastern Europe, and wish them all of the prosperity and success in the world!
“Bad for U.S.”
How so?
Exchange rates?
anyone have a comment...?
I would hope a foreigner to these shores wouldn’t judge the whole country by one out-of-control NY cabbie, and I guarantee my daughter and her friend didn’t judge the CR by that one. After it was over (they were terrified at the time) they thought it was hilarious. And found some proper CR currency.
It’s been so exciting to see all those Eastern European countries and their people emerging on the world stage. Back during the cold war they hid all those beautiful women. We thought they all looked like Nina Kruschev. For the most part, I’ve found folks from Eastern Europe to be hard working, decent, honest folks who have a far less cynical view of life and the world that most Americans.
Gold and Silver perking up a tick...waiting for London to open shortly
http://www.kitco.com/charts/livegold.html
2YR bond yield rises 633 basis points to 150.77% & 10YR 34.8%, new euro era records.
Sorry, those are Greek bond yields
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