Europe: Grimmer by the Minute
By Ben Rooney @CNNMoney
October 25, 2011: 12:11 PM ET
European Union officials, including French President Nicolas Sarkozy
and German Chancellor Angela Merkel, posed for a 'family photo' amid
crisis talks in Brussels.
NEW YORK (CNNMoney) -- European leaders insist they are making progress on a comprehensive plan to tackle the eurozone's debt and banking crisis.
But the details are foggy and last-minute delays suggest that significant disagreements remain unresolved.
On Wednesday, government heads from all 27 members of the European Union will gather for a second time, following a summit over the weekend.
EU politicians have promised to deliver an ambitious and durable solution to a crisis that poses the biggest threat to the euro since the common currency was launched over a decade ago.
"The sovereign debt crisis threatens the very existence of the eurozone," said Howard Archer, chief European economist at IHS Global. "It is therefore absolutely imperative that European policymakers finally deliver a major package."
The latest talks have focused on a three challenges: restructuring the Greek government's crushing debt load, strengthening European banks and boosting the effectiveness of a limited rescue fund.
While the stakes are high, expectations are dim. It took three months for comparatively modest crisis measures announced in July to be approved by all 17 euro area governments
Some experts have already dismissed Wednesday's meeting as a prelude to the Group of 20 summit in early November, when the world's most powerful leaders will gather in Cannes, France.
"We have no confidence at all that the various proposed strategies will provide any effective fix for Europe's ills," said Ian Gordon, an analyst at investment bank Evolution Securities in London.
Full story: http://money.cnn.com/2011/10/25/news/international/europe_crisis_talks/index.htm?section=money_markets
Gold is $1,581/oz today. When it hits $2,000, it will be up 26.5%. Let's see how long that takes. - De 3/11/2013 - ANSWER: 7 Years, 5 Months
| 