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Reply #18: Eurozone crisis: "Worst ever" German debt auction sends euro sliding {live} [View All]

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xchrom Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Nov-23-11 08:30 AM
Response to Reply #13
18. Eurozone crisis: "Worst ever" German debt auction sends euro sliding {live}

1.06pm Dynamite! EC president Jos Manuel Barroso just told the press conference that the euro will probably collapse unless his proposals -- or similar measures to bolster the single currency union -- are accepted.

He said:

Without stronger economic governance in the eurozone it will be difficult if not impossible to sustain the common currency.

The EC president, who sounds both desperate and exasperated to our ears, is admitting that the euro is under water -- and appealing to the 17 governments, especially Berlin, to get their act together and save it...

The euro itself has fallen today, hovering around $1.339 against the dollar.

The press conference finishes, with Barroso delivering a ringing defence of the ECB's independence and its "non-standard measures" - buying up sovereign bonds in the secondary market. He says:

We should not expect the ECB to do what our member states, our governments, should do, they are not in a position to replace the work our governments should do in terms of fiscal consolidation and structural reforms...
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