In a critical do or  die summit in Brussels, European leaders only came up with a partial solution to their debt crisis.  The leaders agreed to the broad outline of a trillion euro plan to end the continent’s two year old financial crisis.  But they remained deadlocked on how their plans will work, when they will happen and what they will truly cost.  And time is running out.

German Chancellor Angela Merkel put the matter starkly.  “If the euro fails, then Europe fails.”

The plan requires existing holders of Greek bonds to take big losses on their investments – and they are balking.

The plan also requires a European stablization fund but countries like Germany, Britain and France can’s agree on how much they should chip in.

The plan is now expected to be nailed down by finance ministers in November.

Whether the markets will put up with further delays is a question.

A collapse of the euro will negatively affect Canada and the U.S.

Can Europe be saved?

What do you think?


  1. 1

    From what I`ve read about the crisis-and try to understand-the member countries are denied a basic tools for coping with debts-they cannot devalue their own currency,since they have none. So,they`re stuck with majoor cuts to wages, benefits,and so forth.

    I can`t see anybody there who wants to undergo this misery out of loyalty to…to what ? No signs of battle cries, ` Give me Europe or give me death !`

    This , along with their population shrinkage, does not bode well for their union.

  2. 2

    Here’s the upside to the European debt crisis.

    For how many years have we had to put up with the constant harp from liberals about how wonderfully socialistic Europe “works”. And how we should be more like them.

    Well, this is what happens when you have social programs coming out of the yin-yang: you go into debt. So much so that it threatens to collapse the whole system.

    So the next time you hear how wonderfully Europe’s social agenda works, remember that it doesn’t…that at some point the piper has to be paid.

  3. 3
    Neil McKenty Says:

    So, Tony, when it comes to the benefits of the the social safety net, I guess Canada is an exception to the rule.

    I heard a woman at McGill this morning say, “Quebec is the most socialistic province in Canada. I guess that’s why we’re all smiling.

  4. 4

    There seems to be a plan being cobbled together. I hope so.

    The Greeks: They are in the streets protesting against cuts. Their peculiar ways, too numerous to mention, but anyone familiar with Greek culture will attest to, contributed greatly to their present problem.
    At least in this country we are paying taxes for the services we get.
    Okay, not without some complaint.

  5. 5
    Tony Kondaks Says:

    Neil: you’re all smiling because of the largess Quebec, a have-not province, benefits from Canada in the form of equalization ($8 billion/year), transfer payments, and all manner of sweetheart deals, both public and private, that is thrown Quebec’s way due to their successful blackmail strategy. Notwithstanding Quebec’s plethora of rich natural resources, it doesn’t work all that well on its own.

    Keep smiling…and when you get the chance, take a gander at the following excellent cover story from Maclean’s this week by Andrew Coyne on the “Occupy” movement in Canada:

  6. 6

    Nov 2- Update:
    Greece is hell-bent on ruining the economy. Papandraous is typical of that elite Greek mentality. He thinks he’ll outsmart Germany and France.
    Greece has been offered 50% off on their debt, but they must impose austerity measures on the population who have been demonstrating, so we already know what the outcome of the referendum will be! They don’t realize that they have been riding on this wave of other peoples money for years, and now, they’ll have to go to work.
    I think Greece should be allowed to default, in fairness to Italy, Spain & Portugal who haven’t been offered the big bail out.
    Get Greece out of the EU and let them fend for themselves.
    It’ll be like a cold shower.

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