Monday, 21 April 2014

Euro-Zone Fiscal Colonialism - NYTimes.com

Euro-Zone Fiscal Colonialism - NYTimes.com



"...LONDON — Last Tuesday, the European Parliament finally approved a mechanism for restructuring and closing down failed banks across the euro zone. But the system, which will not be established until 2015, is unworkably complex and leaves a veto power with national governments. Six years after the financial crisis began, Europe has still not resolved its banking mess.

Despite the hoopla in bubbly financial markets, the crisis continues to inflict grave hardship. Zombie banks are still curbing credit to businesses in Southern Europe. Millions of people in sickly economies have lost their jobs or must scrape by on slashed wages, while they struggle with huge debts and pay higher taxes for worse public services. Many have lost that most precious commodity: hope for a brighter future..."
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