POL 423 Round 2 Journal 10

POL 423 Round 2 Journal 10 - trouble will be able to get...

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Financial Times The “grand bargain” is just a start March 30, 2011 Journal 10 In this article Martin Wolf offers his opinion on how the European Union handled the financial crisis in regards to how it affected the euro zone countries and the euro as a whole. He says the euro will clearly survive the crisis. He then goes on to offer his complaints saying he doesn’t think the leaders have done enough to protect the euro for the long run and that there will only be changes when another crisis arises. He describes three problems with what has been done to sustain the euro. The first being the 500 billion euro bailout emergency fund will not be enough to handle any serious liquidation. Secondly, he says it’s unclear if the countries in
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Unformatted text preview: trouble will be able to get out of that trouble once they use up all the money. Thirdly, the fiscal and financial crises are still connected to the governments. This article offers an interesting opinion that shows people do not think enough has been done to maintain the reliability of the euro. Martin thinks that only real change arises when there is a crisis that makes changes immediately necessary. This is sort of a grim view of the financial leaders of the EU. I think everyone in the EU wants the euro to succeed, because it forces greater cooperation and integration, and I think that leaders will do whatever is necessary to sustain the euro and I don’t think it will be in any real trouble for quite some time....
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