EU summit: Live update

I would disagree with David Barneby's comments. We are witnessing a process with a very long historical perspective. Nation-states were created to meet the challenges of their time. Germans, Greeks, Italians, Btits etc were not always recognising themselves as such before the creation of their respective nation-states. Neither did national currencies always exist. The historical process of creating the USA is instructive.It took time and leadership to forge a federal US. It does not seem convincing that individual European states can hold their own in a world of integrated, global corporate power and of emerging economies in states much bigger than any European State (China is the obvious example, but Indonesia too).

I am not aware of what Mr. Lauk said today! Could you, pleae, let me know where to find his statement that you refer to? On June 6th, he was supporting the pooling of the debt which is a positive stance. (http://www.bloomberg.com/news/2012-06-06/merkel-must-pool-debt-and-look-to-versailles-cdu-s-lauk-says.html)
thanks.

Reuters also reported that Chancellor Merkel said that "Europe would not share total debt liability "as long as I live"" (http://www.reuters.com/article/2012/06/26/us-eurozone-idUSBRE85O0CS20120626)!

Ok, it is about time that Chancellor Merkel and Finance Minster Schauble resign once and for all!!!

Southern Alliance
Todays concept of the EU is wrong . The EU was formed between six adjoining countries that had all been overun and defeated in WWII . Britain tried to push in on the act , but was rebuffed . Later John Major suggested enlargement , but with a view to becoming a confederation of nation states . The original plan was full integration of the six , to incorporate Germany into a bond with neighbours to prevent another war and to improve economy equally among the six . Had that happened , I believe the EU would have worked . To try to force into a mold 27 countries of peoples of vastly varying characteristics , customs and economies is in my view an extreme overeach of the original concept .
Economy is one of the catylists for war . The original purpose of the EU was to prevent anothe war .
Today people are friends right across Europe . I have friends in nearly every European country , my daughter is married to a charming German , my sons live in America . We are not little Englanders . I am not against an EU , but see that the present one can only self destruct . A union of self governing sovereign states would work . Do people realise that the more you integrate economies the less competitive they become . Competition is essential to stimulate growth , but countries have to be able to compete on their own terms according to their resources and abilities . It has been assumed that what Germany can do , so can everyone else . It has already been shown that other peoples cannot ; to combine them with Germany as their slave drivers will not work either .
In the eyes of the EU all people are equal , but in practical terms they are not .
Corporate power has a stranglehold on the US , the EU and that has to be stopped . Banks and financial services are bleeding countries white at the behest of politicians who are hand in glove with them , effectively blackmailed , in order to keep their country's economy going .

Southern alliance:
"Ok, it is about time that Chancellor Merkel and Finance Minster Schauble resign once and for all!!!"

When I was an indebted spendthrift student without two pennies to rub together (I spent it all on beer, cigarettes and having a good time) I thought that about my bank manager when he wouldn't extend my overdraft...

Charles_M
It is good to hav a sene of humour when all about us is going wrong !

I think Schauble is more honestly aware of the dire straights that the EU is in than most other politiians . Like her or not Merkel is really all that is holding the EU together at this point . I do not believe the severe austerity does any good or even convinces the markets , but Eurobonds would be a disaster and would probably cause the EU to fall apart.
Germans are not going to work their Butts off to pay for the debts incured by the rest of the EU .

@Charles_M

Ι'm sure that if your habits are all about drinking beer and smoking cigarettes then you are always going to be indebted! Thankfully, our habits are far different from yours!!!!

However, this stance of yours shows a very narrow-minded or even brain-washed middle class person who consumes whatevers media serve him uncritically without being able even to read alternative explanations for the EZ's debt crisis. However, I am not blaming you for your inablity to think critically because some people have it and some others do not! It is a matter of natural selection! In other words, μακάριοι οι πτωχοί τω πνεύματι! I hope I am wrong!!!

And yes, Merkel and Schauble must resign because they implement the 4th Reich's imperialism (as David Barneby mentioned above) and History has shown that Germany will be the last to fall. Their resignements will only be the beginning of a new era. You can view their resignment as part of the solution of the problem, to begin with.

@David Barneby

I have carefully read all of your analyses. Yet, could you please state in one sentence what are your suggestions?

Thank you in advance!

Dear Anna Syngellakis
There are no solutions to the present crisis , that will put the EU back on track . There will be crisis without end whilever the EU continues on the present course , refusing to admit they got it wrong .
As I understand , Germany has never been granted official nation status since WWII . The EU was imperative for Germany to be absorbed into a new European nation state . Germany will feel a collapse of the EU more than any other country . You are right , one cannot step into the same river twice , there is no way to start again on the same course .
Nobody will benefit immediately from a break up of the EU , but I do believe in time all Europeans will learn to prosper on their own terms . A confederation of nation states , not treading on each others toes , will continue the friendships and goodwill of Europeans to one another .
We are living n terrible times , I feel so sorry for my children and grandchildren .

Si! Si!

Just two more goals in the second half and Italy is in the finals!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!

Forca Italia!!!!!! :)))))))))))))))))

Anna Syngellakis- Posted on : 26/06/2012reply

Top!

Southern Alliance
Germany would be extremely stupid to give in to Eurobonds . The eventual result would very likely be Germany , Holland , Finland , leaving the Eurozone , so you would just have deeply indebted countries left .
Eurobonds could trigger a breakup of the EU , even to the extent of civil war . Within the EU political confines , there is no way out of the crisis . Political Union would not change anything , I do not believe any country will give up its sovereignty wthout a referendum and the answer will be NO .

stauer27
If you cannot go forward , are at a standstill , what choices do you have ? What is the right way ?

The EU is totally blinkered , run by a committee of unthinking extremely stupid people . The way out of the Eurozone crisis is unthinkable , unacceptible .

How do you think the crisis can be solved ?

@ David Barneby!
If the economy is not recovering rapidly The Eu should take sovereignty for governance !
The states should give partially their sovereignty to the EU for saving the Euro and re-raise the economy !

If we reverted back surely we have a disaster and we will find us on "stone age"

That's why release some sovereignty is the best choice without scarifying the Euro/economy!In contrary is this a very positive point !
This choice has to be done a long time ago!
Naturally it lies on "French/German Syndrome"
The YES YES answer -> differences are to put down.
(Winston Churchill 1946)

But still remains time doing that !
it is not yet 5 before 12 !

slauer27
I do not believe that giving even partial sovereignty to Brussels will make the slightest difference .
For all their talk , there is nothing that Brussels can do to make the EU economy come to life . The Euro has killed the economy , by destroying the natural balance of national markets . Competitiveness has been destroyed . You cannot have all countries with a single value currency , even if the Euro was valued at the lowest level . The Euro has priced mediterranean countries out of the market , the cost of living has risen dramatically , wages have risen , given 10yrs , the country is bankrupt , it was at the start too .
You say reverting back will find us at the stone age .
It wasn't the stone age in 1990 or in 1957 . I wonder that you cannot see that the EU/Euro is teetering on the edge of disaster now , the slightest Puff could topple it over . The plans being endlessly descussed by EU heads of state would only serve in the future ; now the EU hopes to convince banks and investors that the EU/Euro is OK , lend us your money . You can cry wolf only so many times and then nobody believes you any more . In truth disaster is upon Europe now , it is only that heads are so deeply burried in the sand , that nobody can see it .

Hi Anna Syngellakis
We ARE on the verge of catastrophy because the EU HAS got it all wrong . National leaders are the EU . The EU needs to prepare for and announce the end of the Euro , to help each Eurozone country to return to their national currency . The EU in its present form should be dissolved ; it has been said by many that if the Euro goes the EU will collapse . Yes , capital movements should be prohibited . On expiry new passports will be issued with only the national emblem . Tariffs and customs duty may be introduced as necessary . Is the present impending catastrophy creating confidence in global markets ? Who presently wants to invest in Europe , when indications are that their investment will be totally lost ?
China already has huge investments in Europe ; their market access enables them to flood European markets with cheap goods . How many companies have moved themselves to S/E Asia , where labour costs are infinitely lower ? All the aspects of labour protection , social security , health and safety , limiting working hours etc. have made employment and production extremely expensive . Britain had major industries , which in part Thatcher got rid of because they were heavily government subsidised . Retrospectively , it was better to have people employed and paying taxes and social security . The EU wouldn't have allowed the subsidies , but there was also a plan to centralise in Europe heavy industries such as steel .
Globalism , global markets and thinking global are wrong too . Look at the troubles that the US has created , seconded by Britain and the EU , Iraq , Afganistan , Libya , now Syria , Armageddon is just around the corner .
Countries need to live within their means , even if that means our living simpler lives , without the luxuries that even manual labourers take for granted . National governments would not be so easy to speculate against . It is the Global and EU markets that have played into the hands of Banksters and speculators . Without the Euro and 1% borrowing , countries like Greece would not have been able to borrow so extravagantly , buy Mercedes , Armaments from Germany , submarines from France .
The EU has placed itself in a blackmail situation ; where only by their holding together the Euro can the banks avoid bankruptcy , American banks not pay out billions/trillions on CDS , creating an economic catastrophy in the US and across the world .
Coutries across the world being SO interdependent , that a collapse of one could bring them all down is a grave mistake . It is necessary to turn the clock back and start again , not making the same mistakes .
We have a Titanic , with no watertight compartments ,all the eggs in one basket !
The EU has been able to go so far down the road , because it has never had anyone in control , no brakes . The political ambition to be an EUSSR is its undoing . Nothing is achieved by negative thought , so analysis to see if mistakes are being made is unthinkable .

Corrado

The Euro is a political problem , not a mathematical problem . No amount of mathematics is going to solve the present crisis . Perhaps I am mistaken , are you suggesting that the Euro should be equal to the American Dollar ? Argentina tied its currency to the American Dollar and went Bankrupt , the same as the Eurozone .