Friday, May 14, 2010
May 11, 2010
This weekend’s plan has been received positively by the markets, but it is too early to call it a success. Future monetary historians may judge it either a brilliant move or the first step on a slippery slope to ruin. The EU needs to set up an independent institution to vet fiscal plans of Eurozone governments and apply a sliding scale of sanctions. If the euro is to survive the current decade, Greece cannot happen again.
The plan agreed last weekend in Brussels appears has been received positively by the markets. Unfortunately, it is too early to conclude that it was a success. Future monetary historians will judge whether it was a brilliant move by Eurozone governments which put an end to speculation or the first step down a slippery path to ruin.
Posted by Yulie Foka-Kavalieraki at 11:49 AM