Has The Euro Zone Financial Crisis Just Ended?

Has the Euro Zone financial crisis ended? It would appear so, as late last week, global stock markets soared based upon assurances from the Euro Zone that they will work more closely together to solve their financial problems and commit more money to cover the obligations of financially troubled nations such as Greece, Spain and Italy.

The mechanisms to do this are supposed to be concluded by the end of the year. As a result of this accord, suddenly Spain's and Italy's borrowing costs dropped sharply.

There is just one problem. Over the 2 1/2 years of this Euro Zone financial crisis, we have heard all these promises before, yet the problems have grown worse, because these are 17 nations with a common currency but no common government or authority to commit and invest their funds.

But each time these promises are made, global stock markets skyrocket, only to come tumbling down again.

Euro nations such as Portugal, Ireland, Italy, Greece and Spain (and now Cyprus) need bailouts and they need their major lenders to write-off some of their financial obligations. Germany, the Euro Zone's deep pocketed piggy bank can't do this alone, the needs and liablities are far too great.

The world must get involved, including Asian nations such as China, Japan and South Korea, or these promises of rescues will continue until the Euro Zone falls apart, taking down the global economy with it. But together, we as people across the world can solve these problems if only we will commit ourselves and become actively involved in doing so.

Dick