Saturday, October 15, 2011

Just One Fix

Another round of talks to "fix" the Euro. The entire world can feel the fear emanating from Frankfurt and Brussels.

(Reuters) - The world's leading economies pressed Europe on Saturday
to act decisively within eight days to resolve the euro zone's
sovereign debt crisis which is endangering the world economy.

In unusually direct language, finance ministers and central bankers of
the Group of 20 major economies said they expected an October 23
European Union summit to "decisively address the current challenges
through a comprehensive plan".

French Finance Minister Francois Baroin, who chaired the meeting, said
Berlin and Paris, the leading euro zone powers, were well on the way
to agreeing a plan to reduce Greece's debt, stop contagion and protect
Europe's banks.

Non-euro countries highlighted the damage the European crisis was
already doing to their economies and underlined the urgent need for
action by the 17-nation single currency area.

"Europe needs to get its act together because unless the crisis is put
to an end, it will start to affect emerging economies which have
enjoyed strong growth," Japanese Finance Minister Jun Azumi said.

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