Debt crisis in Europe and the USA: The one great liberation there will not be
Munich – The sound is rough, the clock is ticking on both sides of the Atlantic. It’s all or nothing. Both for the 17 euro countries and the U.S., this is the fight for their debt crises, a week of decisions. € A special summit must be a second rescue pact for Greece put together. And the U.S. threatened with insolvency in early August.
Euros and U.S. dollars were long an anchor of stability. Now threatens to harm them in Schuldenchaos.Bild: AP Euro and dollar were long an anchor of stability. Now threatens to harm them in Schuldenchaos.Bild: dpa
Shortly before the Special Summit of Heads of State and Government of the 17 euro countries on Thursday (after deadline) is pointed to the political dispute over a second rescue package for Greece. Instead of calming a strong signal to the nervous financial markets and prevent a contagion to other highly indebted countries was, therefore, hardly expect that the euro countries could succeed a real coup in the fight against the smoldering for more than a year debt crisis.
In particular, agreement on the need, the Greek debt “bearable” to make, Federal Chancellor Angela Merkel urged patience: If the desire for a single step, nourishing, who had “the dimension and the task to which it is not understood and is negligence “. Those who, like the federal government would exercise political responsibility really, who knows, she declared, “that it will not be such a spectacular step, but it only comes to a controlled and controlled process to produce the following successive steps.”
Were recently discussed a restructuring of Greece, Euro Bonds, transfer union, to a bond-buying by the emergency fund or a debt. With ECB President Jean-Claude Trichet warned in no uncertain terms before making decisions that could lead to a partial default. The ECB will discuss this issue does not compromise: “It is unacceptable for us to continue our role as an anchor for stability and confidence in the euro area and in Europe at risk.”
To a race against time, against the threat of insolvency in the U.S. is now looking for a way out of debt dispute has become deadlocked. “Doomsday” is none of the words, the Barack Obama used indiscriminately. After several weeks of fruitless negotiations to increase the debt ceiling, he seemed to find these days, but no other word more, “Let us at least prevent the apocalypse,” he pleaded with the Congress leaders, especially the Republicans.
The Republicans are calling for raising the debt ceiling from 14.3 to 16.8 trillion dollars, massive spending cuts and oppose tax increases for higher earners from the end. By 22 July, a compromise must be, therefore, Congress can still pass a similar law. If it threatens to agree, the country on 2 August, the inability to pay, with unforeseen consequences.