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10 Nov 2011 14:58

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World: Greece finally has its new Prime Minister

  • Papademos walks into a tumult: After days of chaotic political wrangling and general panic over Greece’s debt crisis (as well as the euro zone writ large, as Italy teeters on a dire edge), a new Prime Minister has been selected to replace the outgoing George Papandreau. The new man in charge is Lucas Papademos, the former VP of the European Central Bank. “The course will not be easy. But the problems, I’m convinced, will be solved. They will be solved faster, with a smaller cost and in an efficient way, if there is unity, agreement and prudence,” he said. source
Posted by Chris Tognotti • 0 Comments • Permalink

07 Sep 2011 10:22

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World: Angela Merkel sticks to her fiscal guns amidst hostile political environment

  • We must make it very clear to people that the current problem, namely of excessive debt built up over decades, cannot be solved in one blow, with things like euro bonds or debt restructurings that will suddenly make everything okay. No, this will be a long, hard path, but one that is right for the future of Europe.
  • German Chancellor Angela Merkel • Arguing, amidst much jeering from leftist opposition parties, that Europe needs to change the way it approaches its growing debt crisis. Merkel argues for long-term fundamental change. “I’m convinced that this crisis, if a great crisis of the western world is to be avoided,” she said, “cannot be fought with a ‘carry on’ attitude. We need a fundamental rethink.” Merkel is facing a parliamentary vote later this month that could prove a great threat to her power, and her party is sinking in the polls right now. She suffered a setback earlier in the day after a court put strict limitations requiring her to get approval from lawmakers to grant future bailout aid to other European countries. source
Posted by Ernie Smith • 0 Comments • Permalink
 
 
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