What now? EU

BlondeHeadOn

julieq wrote: »

I woke up this morning worrying about the Eurozone. As I took in what's happened, I'm oddly more relaxed. It's up to the Eurozone now to fix their problems. We're arguably far better off outside that process looking in. I think we need to be prepared to help provide guarantees and some breathing space, but what the eurozone will have to contemplate is that they can't spend like sailors on shore leave on social policy unless they raise more in tax on a sustained basis in regions that show no inclination at all to want to pay it. Interesting times.

This is how I feel as well - oddly more relaxed.

Interesting times indeeed.....

Wookster

jjlandlord wrote: »

France's industry is in much better shape than the UK's.

Their industry might be stronger, but their public finances & capacity to live within their means are most certainly not, infact their bloated civil service, bureaucracy & "social model" are stubbornly resistant to change.

What makes me quite so irritated by all of this is that if the French & Germans had taken the position that Greece was infact insolvent and needed restructuring then there is a good chance that the Euro wouldn't be so close to collapse now.

Degenerate

A deal has been reached!

<reads BBC article... several paragraphs down...>

Discussions on the details of the new fiscal arrangement are due to resume shortly.

Deja vu, anyone?

jjlandlord

Wookster wrote: »

Their industry might be stronger, but their public finances & capacity to live within their means are most certainly not

Actually, because of the huge hit taken by UK's public finances when we had to nationalise banks, etc. UK public finances are in no better shape than France's, though indeed they were a few years back.

Again as a whole we are much more indebted than them, so I'm questioning our capacity to live within our means.

BlondeHeadOn

Another quote:

"How are financial firms coping with the uncertainty? "It's getting to the stage where we all just want to go on holiday for Christmas," financial broker Louise Cooper tells BBC World Service"

quantic

I'm just glad to see that smile wiped off Nicolas Sarkozy's smug little face.

doire_2

His "chums" in the City will be happy

drc

Graham_Devon wrote: »

I thought this summit was going to be the end game? Yet once again it seems they have failed to come up with anything, and things just carry on?

Have I missed something? Or was this just another one of the end games....and we'll face another next week?

Yes, it's like Carry on Europe without the innuendo and with Merkel playing a stony faced Barbara Windsor.

Wookster

jjlandlord wrote: »

Actually, because of the huge hit taken by UK's public finances when we had to nationalise banks, etc. UK public finances are in no better shape than France's, though indeed they were a few years back.

Again as a whole we are much more indebted than them, so I'm questioning our capacity to live within our means.

You're conveniently forgetting the structural deficit in the 7 years before the banks were nationalised

France has not had a balanced budget for 27 years. A record significantly worse than ours actually.

Really2

drc wrote: »

Yes, it's like Carry on Europe without the innuendo

If only Berlusconi was still there, I am sure he could supply some.