Tuesday, August 28, 2012

''The euro crisis The Finn red line'' ECONOMIST

''EUROPE’S August doldrums seem to have reached even the crisis-prone euro zone. A declaration at the end of July by Mario Draghi, president of the European Central Bank (ECB), that he would do “whatever it takes” to preserve the euro has helped push down borrowing costs in Italy and Spain, the two largest troubled countries. The prime minister of Greece, Antonis Samaras, is visiting his counterparts in Berlin and Paris to ask for more time to push through budget cuts but not, he says, for more bail-out money. A damaging row between Greece and its creditors is likely to be avoided for a few more weeks—at least until the “troika” of the ECB, the European Commission and the International Monetary Fund decides whether to approve the next tranche of rescue money..''

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