World News- Business- EU debt test- will the union hold in the face of the growing debt crisis?- Top Story

Posted By admin On 6. February 2010 @ 10:22 In World Top Story, World Business News, blog news, world news, Freedom News | No Comments

Euro Debt Crisis Is Political Test for Bloc- NYTimes

PARIS — What began with worries about the solvency of Greece in the face of high deficits, fake budget figures and low growth has quickly become the most [1] severe test of the 16-nation euro zone in its 11-year history.

Anxiety about the health of [2] the euro, which has spread from Greece to Portugal, Spain and Italy, is not simply a crisis of debts, rating agencies and volatile markets. The issue has at its heart elements of a political crisis, because it goes to the central dilemma of the [3] European Union: the continuing grip of individual states over economic and fiscal policy, which makes it difficult for the union as a whole to exercise the political leadership needed to deal effectively with a crisis..

[4] http://www.nytimes.com/2010/02/06/world/europe/06europe.html

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URLs in this post:
[1] severe test: http://www.nytimes.com/2010/02/06/business/global/08euro.html
[2] the euro: http://topics.nytimes.com/top/reference/timestopics/subjects/c/currency/euro/ind
ex.html?inline=nyt-classifier
[3] European Union: http://topics.nytimes.com/top/reference/timestopics/organizations/e/european_uni
on/index.html?inline=nyt-org
[4] http://www.nytimes.com/2010/02/06/world/europe/06europe.html: http://www.nytimes.com/2010/02/06/world/europe/06europe.html

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