Trichet struck by crisis in Europe

Europe suffers economic defeat on all fronts

In brief: The European Union is becoming weaker, both economically and in social aspect.

Europe is experiencing the deepest crisis since the Second World War. The opinion expressed by the head of the European Central Bank President Jean Claude Trichet in an interview Spigel, which will be published on May 17. In his view, this fault are erroneous actions of the governments of the euro area, which led to huge debts.

The head of the ECB also stated the need to strengthen control over economic policy in the euro area. “We need a more sophisticated structure that will avoid the mistakes and apply appropriate sanctions,” – he said, explaining that he means the creation of an effective peer review mechanism within the euro area and to develop effective measures against countries that violate the requirements of European stability pact . Furthermore, Jean Claude Trichet has denied rumors that several Heads of State and Government had put pressure on members of the Board, bringing the ECB and allegedly decided to buy up sovereign bond Greece, Spain, Portugal and other countries. He said that the board members, discussing the move, act completely independently, stressing that the ECB is not in the rules to listen to the recommendations of members of governments and market participants. As reported previously the finance ministers of the European Union agreed on a mechanism to support the euro. It includes emergency measures regarding the provision of loans and guarantees totaling 750 billion euros of which 440 billion allocate the EU, 60 billion – 250 billion and the European Commission – International Monetary Fund. However, despite such measures quotations European currency this week continued to fall.

Anrey Torbinski
2010-05-16 18:23, Economics.

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One comment к “Trichet struck by crisis in Europe”

  1. M Btok Says:

    http://www.voltairenet.org/article165415.html
    Voltaire Network
    May 14, 2010
    In Argentina, our people ended up getting used to being much poorer, so when “normal” times returned, the Goldman Sachs and Citicorp controlled local media were able to ensure that a new puppet regime subservient to the money interests should come to power: i.e., the husband and wife pro-banking mafia team of Néstor and Cristina Kirchner… And the merry-go-round keeps turning and turning, whilst the Argentine people keep paying and paying…
    Today, we look at Greece and see the same tell-tale signs: the IMF imposing strict austerity measures as a condition for the banks to lend more money to them (as if a country collapsing under the burden of debt can overcome that by getting into even more debt!!), the mainstream media speaking vociferously on the need for “Greece to do things correctly and responsibly” (as if the US FED, the Bank of England, Goldman Sachs and the US Treasury, Greenspan, Bernanke, Paulson, Brown, Geithner, Blankfein, Greenberg were examples of responsible accountability), local caretaker governments doing all they can on behalf of banking interests (George Papandreou is a regular at the Bilderberg and Trilateral Commission meetings, as was Fernando de la Rúa, a founding member of the local chapter of the Council on Foreign Relations in Argentina called CARI), major banks such as Goldman Sachs trying to collect their pound of flesh in the midst of all the turmoil and hardship; all of this against a backdrop of desperate citizens taking to the streets to express what is obvious to all: that international bankers and local caretaker government form a complex association of thieves and robbers.
    The inevitable then occurs: the Government sends the police out to the streets to protect the bankers, themselves and New World Order power elite interests… Then violence flares up, people get hurt and die…. The poor (police) battle against the poor (population), whilst the rich look on from a safe distance with a chuckle…
    Make no mistake: this is a Global Model.
    Make no mistake: there is NO democracy, not even in Athens, its birthplace.
    Complete Story at: http://www.voltairenet.org/article165415.html

    Don’t Tread On Me Clip:http://www.youtube.com/watch?v=BSly8kd6yFI&feature=player_embedded

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