Sunday 27 November 2011

Euro cliffhanger: Crashing or not?

A short while ago @NinaMariaPotts tweeted me this:

@RalfGrahn Utterly depressing. #eurozone and #eu economies about to fall off a cliff - and #EU still scrambling around in the dark #crisis

Her tweet comes quite close to what I am feeling: Each day we see one step back from the abyss, but two forward steps towards the edge of the cliff (even if steps can here cover passivity).

I found the following blog post thanks to @TeraEuro. Blick Log writes clearly and offers us a background to the impending crash (in German): Europas Staatsanleihen: Ursache und Wirkung einer Finanzkatastrophe.

@npthinking made me notice this news item from Reuters about a Franco-German initiative to cobble together a new stability pact in no time and outside the EU Treaty framework. Since the public is given little useful (or convincingly hopeful) information from official sources, every rumour has to be taken seriously until proven to be wrong.

Thanks to @TeraEuro I stumbled across this blog post on Naked Capitalism: Is a Eurofix Around the Corner? Is it still possible that the euro crash could be averted, or did it become unavoidable a while ago?

Even if effective and expedient solutions are used, the basic questions about European level democracy are left unanswered and festering.

The euro and European level democracy are hanging off a cliff. Tune in for the next episode on the screen of your choice. Happy end not guaranteed.

Ralf Grahn

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