Greece will probably leave Euro within six months..Germany’s Schaeuble pushes EU economic union

As European Union leaders prepare for a summit next week devoted to saving the euro, Swedish Finance Minister Anders Borg said Greece may quit the common currency within the next six months.

“It’s most probable that they will leave,” Borg said today on a conference call from Tokyo, where global finance officials have gathered for the annual meetings of the International Monetary Fund. “We shouldn’t rule out this happening in the next half-year.”

Borg’s warning comes a day after the EU was awarded the Nobel Peace Prize amid a financial crisis now in its third year and four days after German Chancellor Angela Merkelencountered rioters and anti-Nazi taunts on a trip to Athens. Merkel said she wants Greece to remain in the euro.

The so-called troika that oversees euro-area bailouts, comprised of officials from the European Commission,European Central Bank and IMF, has resumed talks with Greek officials after a pause that provided Prime Minister Antonis Samaras’s three-party coalition with backing to continue efforts to carve out 13.5 billion euros ($17.5 billion) of new budget cuts needed to unlock aid payments.

EU leaders meet in Brussels Oct. 18-19 to discuss their efforts to make the ECB Europe’s chief bank supervisor and plans to tighten economic and monetary ties within the bloc.

Germany has called on countries using the euro to take decisive steps to bring about closer fiscal integration.

Berlin wants the EU’s 27 countries to consider pooling more economic sovereignty at a summit in Brussels which begins on Thursday.

French President Francois Hollande says an end to the eurozone crisis is “very close” and wants a deal agreed on the first stage of a banking union.

But Germany argues that the proposed deadline is unrealistic.

The proposal for a single banking regulator was agreed at the EU’s June summit.

But Berlin says there will be no final decision in Brussels because of concerns about plans for the regulator to supervise an estimated 6,000 banks across the eurozone.

Germany wants to continue regulating its financial institutions and is unhappy with a plan eventually to hand the European Central Bank full supervisory control.


basically the want the ECB to take control over all the eurozone budgets and a right of veto if they dont like it..hows that feel for ya?

get out now greece!


~ by seeker401 on October 20, 2012.

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