The Financial, Economic and Greek Crisis
In this special feature European Business Review shines a spotlight on the financial, economic and Greek crisis. It is time to be courageous and draw conclusions, it is five to midnight! If the EU doesn’t act now we will end up playing second league and no longer with big boys like the US and Asia.
Europe has to evolve: learning the lessons of the Greek crisis and looking for a better way to run itself by reconsidering the eurozone rules. Not simply to punish the overindebted but also to encourage nations that run large current account surpluses to spend more.
EU and IMF efforts to rescue Greece have failed to stabilise Europe's financial markets. Now there are significant concerns about Spain and Portugal's financial circumstances. This column says Europe needs to wake up, face the facts, and take action.
Greece’s ‘creative accounting’ has wreaked havoc. Whilst the EU examines ways in which to help the Greek economy, are the Greeks ready to overturn their state of mind in order to exit the crisis? Judith Sinnige from Cafebabel.com expresses her views.
The integration of Europe’s goods, capital, and labor markets has brought tremendous benefits to all its members—with the economies of the new member states in particular enjoying a rapid catch-up.
Rodi Kratsa (EP Vice President): Greece in need of a ‘development shock’ for the strengthening of the economy
Europe was self-conscious and weak when facing the Greek problem, using ambiguous or vague statements regarding solidarity. From the beginning I put forward this issue to all European bodies and asked for a strong European response through imaginative solutions in the frame of the European Treaties
Banking giants in emerging markets will probably do well in any likely economic scenario. Other banks face a more challenging future. In 2008, as the credit crisis broke, banks underwent near-death experiences on a massive scale. Last year, many enjoyed a recovery that was nearly as abrupt.
By: EBR | Monday, March 22, 2010