The Complicated Euro Crisis
This is probably the best headline on the collapsing Eurozone that I've yet to see, courtesy of the United Kingdom's The Telegraph
: Euro armageddon is approaching, but it's too boring and complicated to explain
Previously, it was relatively easy to explain: Greece is bankrupt and we don't know what to do about it. But then we bailed Greece out and it's still not over. Now it's something along the lines of: Greece is bankrupt, but then French and German banks own Greek debt, so they might be bankrupt too. Then Italy has lots of its own debt, which Germany would like it to pay off, just in case that markets start worrying that Italy is bankrupt too.
And that's before we even get into the the proposed solution (mostly it seems to be that Germany should throw money at everything, which the Germans understandably aren't too keen on). How big does the bailout fund need to be? Who pays for it? Who do we (well, the Germans) bail out: the Greeks, or the banks? Should the European Central Bank be allowed to buy government bonds? No one is sure of any of this. Not even the people whose job it is to understand it.
As Europe descends further into chaos, it appears more and more likely that the 27 sovereign states that make up the European Union are not going to be able to reach an adequate agreement to save the Eurozone from collapse (though the Greeks may have a plan
!). German Chancellor Merkel, French President Sarkozy, British Prime Minister Cameron, and especially Italian Premier Berlusconi are increasingly unable to work with each other, and the German Chancellor went so far as to raise the specter of war in Europe
should the Euro collapse (the warning was soon followed by the passage of a $1 trillion spending deal). It's all quite a mess.
10:39 AM / October 27, 2011
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