New worries about EU's financial system
A bold new proposal could see EU block countries setting aside 0.2% of the GNP as a guard against out of control debts but with protests so strong at spending cuts are these set to fail and hurt the Euro as it does?
The European Commission proposed new penalties for countries that spend themselves into debt in hopes of preventing another crisis like the one that pushed Greece ot the edge of bankruptcy and shook confidence in the euro.
France is not offering her support for this move and the high debt nations are not likely to be comfortable with such a rule this could be an idea that goes nowhere fast and as Anti-austerity protests sweep across Europe the Euro could possibly be set to be fairly weak in the coming months. Already Stocks are opening lower as a wave of protests against austerity measures in Europe bring new worries about the region's financial system.
Strikes or protests were also taking place Wednesday in Greece, Portugal, Ireland, Slovenia and Lithuania, all aimed at the budget-slashing, tax-hiking, pension-cutting austerity plans that European governments have implemented to try to control their debt.
How do you see things turning out?
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