...the joint liability would amount to €2.3 trillion. But it would technically be temporary. For all these safeguards, Germany’s government has so far poured cold water on the idea. But time is running out. And the scale of the impending catastrophe demands radical answers. _Economist
There is no guarantee that €2.3 trillion would be enough to save the Eurozone or its currency. Recent equity markets have been behaving as if eurosalvation were a foregone conclusion. But that is far from true.
The crisis in the euro area is turning into a panic and dragging the zone into recession. The risk that the currency disintegrates within weeks is alarmingly high.There is much more at the article excerpted above. Follow the link.
...there are signs that the euro zone’s economy is heading for recession, if it is not there already. Industrial orders in the euro zone fell by 6.4% in September, the steepest decline since the dark days of December 2008. A closely watched index of euro-zone sentiment, based on surveys of purchasing managers in manufacturing and services, is also signalling contraction, with a reading of 47.2: anything below 50 suggests activity is shrinking. The European Commission’s index of consumer confidence fell in November for the fifth month in a row.
Now an even bigger calamity is looking likelier. The intensifying financial pressure raises the chances of a disorderly default by a government, a run of retail deposits on banks short of cash, or a revolt against austerity that would mark the start of the break-up of the euro zone. _Economist
The ongoing demographic collapse of several nations of Europe is not helping their economic prospects at all. Greece, Italy, Spain, and Portugal are losing core populations particularly quickly. Without people, there is no economy worth speaking of. And yet the topic of demographic collapse across Europe is studiously ignored, in favour of virtually any other conceivable topic of conversation -- no matter how trivial.
The Great Green Energy Suicide and the turning away from new clean reliable nuclear energy, should just about put the finishing touches to the failed Euro experiment.
No one can say that the Europe of the past 30 years has not been full of the best of intentions. Good intentions mean very little after one is dead, however.