EU Struggles to Tame Crisis Amid Contagion
By James G. NeugerEuropean leaders returned to the hunt for solutions to the debt crisis, helping Italy and Spain gain a a respite from the market turbulence after the resumption of the European Central Bank’s bond-buying program.
With global stock markets sinking for an eighth day, the European Commission earned a rebuke from Germany after calling for another reinforcement of the European Financial Stability Facility, the 440 billion-euro ($623 billion) rescue fund for distressed euro-area states.
“To be effective, the EFSF needs to be credible and respected by the markets,” European Union Economic and Monetary Commissioner Olli Rehn said on BBC Radio 4’s Today program, after cutting short his vacation to return to work. German Economy Minister Philipp Roesler rejected taking more measures.
Comment: Chaps, the old war is over, don't you know? The new war has begun. For those who haven't yet got the message, it is high time to reposition their guns.