A collapse of the Euro Zone could set off a global financial collapse because banks and nations have become interdependent and a default in one geographic area could quickly cause defaults elsewhere and freeze the global economic markets.
But the Euro Zone leadership is afraid to confront the vastness of its problems because they are 17 nations with different languages, cultures and which have economically protective measures in labor, and in other trades and professions from one another and from the rest of the world.
Without a much stronger commitment among each other, they will fail. But if they will acknowledge the severity of their problems and form a strong federal union, over time they will succeed and help to lift the rest of the world with them.
Dick
No comments:
Post a Comment