Yesterday’s crisis meeting between Angela Merkel and Nicolas Sarkozy was arranged before the participants knew of the disastrous growth figures in the Eurozone that emerged in the morning.
The background to the meeting was last week’s tumult in the world financial markets. Shares had gone into freefall after the downgrading of America’s credit rating.
Worse than that, however, were the tremors rattling some of Europe’s most important banks, notably in France, caused by further evidence of the utter failure of even the more developed European economies to live anything like within their means.
Angela Merkel and Nicolas Sarkozy met to discuss the crisis yesterday, with the outcome of conversations suggesting a fiscal union could be created - of which Germany will dictate terms
Chancellor Merkel has managed to use the hard-earned money of German taxpayers to bail out profligate Eurozone countries without suffering any political fall-out. This is unlikely to remain the case and Mrs Merkel knows it.
That is why yesterday she played down talk of the European Central Bank — funded by German-backed Eurobonds — paying off the debts of these all-but-bankrupt nations.
Read more: http://www.dailymail.co.uk/news/article-2026840/European-debt-summit-Germany-using-financial-crisis-conquer-Europe.html#ixzz1VHp6PbjN
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