Economy

Demeter

(85,373 posts)

21. Stephen King - Growing Spanish crisis calls for a fiscal union

Mon Mar 26, 2012, 08:12 AM

Mar 2012

Just when you thought it was safe to go outside, it turns out that another storm is gathering on the eurozone horizon.

Spain was always on the ‘one to watch’ list. It now finds itself in that most awkward of positions: the financial equivalent of a vicious circle. The interest rate on its sovereign debt is rising, the economy is stalling and the government is fast losing the enthusiasm to deliver the austerity demanded by Brussels.

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http://link.ft.com/r/YIQXNN/DWT5YE/1O51V/DWJIH9/ORACTW/AZ/t?a1=2012&a2=3&a3=26

HOW CAN ONE HAVE A FISCAL UNION, WITHOUT A POLITICAL UNION? THAT IS THE EUROZONE'S BLIND SPOT. YOU CAN'T "PUNISH" A SOVEREIGN NATION AND YOU CAN'T COLONIZE YOUR FELLOW STATE. THEY SHOULD BREAK IT UP AND START OVER.

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