Silverbird
Market Veteran
- Reaction score
- 27
Associated Press October 4
Europe's four largest economies pledged to coordinate national responses to help banks in distress, but their failure to agree an EU-wide plan reflects divisions in Europe on how to deal with the crisis washing up on the continent's shores from the United States......
.......
The European leaders also demanded more room for maneuver on EU economy rules as European growth slows sharply. A statement distributed after the meeting said guidelines for EU nations to keep budget deficits under 3 percent of GDP "should reflect the current exceptional circumstances."
France's deficit is veering near the limit, and other euro nations may also come close or exceed the maximum — reversing recent efforts for the 15 nations that share the currency to reduce debt and deficits.
........
Sarkozy [France, Summit host] suggested that, with the United States focused on its November presidential election, it was important that Europe act to reshape a more responsible global economy.
"We want to put down the foundations of a capitalism of the entrepreneur and not of the speculator. We want transparency, we want moralization. We want the creation of value. We want people to have confidence," he said.....
http://www.msnbc.msn.com/id/27023957/
[It's not just the Chinese and OPEC who are in this up to their necks]
Europe's four largest economies pledged to coordinate national responses to help banks in distress, but their failure to agree an EU-wide plan reflects divisions in Europe on how to deal with the crisis washing up on the continent's shores from the United States......
.......
The European leaders also demanded more room for maneuver on EU economy rules as European growth slows sharply. A statement distributed after the meeting said guidelines for EU nations to keep budget deficits under 3 percent of GDP "should reflect the current exceptional circumstances."
France's deficit is veering near the limit, and other euro nations may also come close or exceed the maximum — reversing recent efforts for the 15 nations that share the currency to reduce debt and deficits.
........
Sarkozy [France, Summit host] suggested that, with the United States focused on its November presidential election, it was important that Europe act to reshape a more responsible global economy.
"We want to put down the foundations of a capitalism of the entrepreneur and not of the speculator. We want transparency, we want moralization. We want the creation of value. We want people to have confidence," he said.....
http://www.msnbc.msn.com/id/27023957/
[It's not just the Chinese and OPEC who are in this up to their necks]
