So, then, it seems that Cyprus has to swallow a very bitter pill, but, unlike the other options, it does not cause its hair to fall out or fail to address one symptom or another.
Post Tagged with: "eurozone"
The fact is, however, that the European Union is one of the most exciting and ambitious challenges ever set in motion by politicians. Nobel Peace Prize or not, it deserves to prevail.
It is certainly not very far-fetched to foresee the rise of a far right party in Germany today taking advantage of the skepticism surrounding the euro that is prevalent in Germany today. Anyone with a sense of history should realize this. Thus, this is a time for greater European solidarity. Instead of isolating and incessantly criticizing Germany, we must cooperate with it before it is too late.
As 2013 approaches we are seeing both the true extent of the European Union’s failure to control disparate economies and crises without the fiscal tools necessary to do so, as well as the injurious consequences of perfunctory bailouts and other ponderous bureaucratic maneuvers.
The event was timely in light of recent conjecture surrounding the European Central Bank’s predicted interest rate cut, which is will lower interest rates to 0.50 percent (down from 0.75) in an attempt to boost growth throughout the faltering eurozone.
Imagine a world in which up to one half of a country’s gross domestic product (GDP) was not taxed. Imagine capitalist investors and heads of companies escaping the long-handed reach of state coffers, thereby avoiding their due contribution of hundreds of millions of dollars to the very citizenry that helped create their wealth to begin with.
In the past week, two unrelated incidents of self-immolation have been reported in Italy.
This past week the now hydra-like Greek debt crisis reared yet another one of its re-growing heads. Anti-austerity protests returned to Athens as Greek ministers attempted to acquiesce to the demands of European Union leaders who thought that the problem had already been dealt with. The continuation of the Greek recession, now entering historic periods of length and severity at five years and a 16 percent decrease from pre-recession GDP, should not be seen as a surprise.
The past year has been a most tumultuous one for the nations of the eurozone, from the sunny shores of debt-ridden Greece to her disgruntled northern neighbors. The seventeen-member union has approached the brink of disaster and backed down seemingly several times a day for months, exhausting lenders and spectators, while inciting political unrest throughout the region.