Summary
Last week was a disaster for Europe, whatever view one takes of the future of the European Union. The European summit was described in its own communique as a 'relaunch'.
One can imagine the scene: the champagne, the bunting, the excited crowds, the great liner moving grandly down the slipway, then the disaster as it capsizes, and, at last, only a few bubbles are visible in the water.See the full content of this document
Extract
Bully Turning Europe Into a Basket Case
Everything that could go wrong did go wrong. As a prelude, on the Monday, the leading debt-rating agency, Standard Poor, gave a warning. If present fiscal trends continue, the European pension crisis is going to lead to a downgrade of European debt, from investment grade to 'speculative'. Europe is destined to become a continent of j...
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