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The eurozone crisis could wreck the European Union, top EU officials warned on Wednesday as the leaders of Germany and France held talks with Greece to avoid a default and widespread chaos.
The pressure rose on all fronts with United States again expressing great concern, with Treasury Secretary Timothy Geithner saying European states "now recognise they are going to have to do more" to resolve to the crisis.
Highlighting the threat to the global economy, Geithner is to exceptionally attend talks between European Union finance ministers and central bankers in Poland on Friday.
"Europe is in danger," Polish Finance Minister Jacek Rostowski, whose country currently chairs EU meetings, told the European Parliament in Strasbourg.
"If the eurozone breaks up, the European Union will not be able to survive," he added.
At his most dramatic, Rostowski even warned that "war" could return to Europe if the crisis fatally weakens the EU, founded amid the rubble of World War II.
His underlying message was backed up by European Commission president Jose Manuel Barroso, who described the crisis as "the most serious challenge of a generation."
Barroso stressed: "This is a fight... for the economic and political future of Europe."
EU economic affairs commissioner Olli Rehn warned that "a default or exit of Greece from the eurozone would carry dramatic social, economic and political costs.
"Not only for Greece, but also for euro area member states, other EU states, as well as global partners."
He said what Europe needed was a moment of clarity leading towards a federal future, "and that moment must start today."
Think its overblown? Even if the Eurozone is breaking apart its not like Europe will be destroyed or they are going to war against each other. And I still think the European countries can still stick together united. This should be a good test to see how they resolve this situation.
www.france24.com
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posted on 7-8-2011 @ 06:45 PM
Heres what I hope there discussing.
Bank bailouts and failures.The EU is crashing.
France Societe Generale -commonly known as SocGen thats thier second largest bank.
SocGen owns 88 per cent of the Greek bank Geniki.
Italy, UniCredit Banca thats thier largest bank.
posted on 10-8-2011 @ 10:42 PM
I would say the EU could possibly go to war with each other if the bail outs and failures don't stop. Just think about any society right now. The rich seem to be getting richer and the poor seem to be getting poorer. The poor are begining to fight back and start riots. Now look at the EU in that picture France keeps doing good while other EU countries are failing and being bought out with bail outs from the EU. Now France and Germany are ready to say no more bail outs we might get hurt and the other EU countries needing bail outs might feel like the poor man being taken advantage of. Except when they riot it will be wars between countries.
posted on 10-8-2011 @ 07:05 PM
France Societe Generale -commonly known as SocGen thats thier second largest bank.
SocGen owns 88 per cent of the Greek bank Geniki.
The Greek bank has already been bailed out by ECB.
www.businessinsider.com...
Here Are The Details Of The Greek Bailout That Are Causing World Markets To Surge
www.zerohedge.com...
France and Germany: One more bailout away from fiscal crisis.
France and Germany decided to bailout Italy and Spain for 2.3 trillion through ECB.
uk.finance.yahoo.com...
Germany began to crash and backed out. I think France is still trying to do it.
On this chart CAC40 is France. DAX is Germany.
finance.yahoo.com...
Originally posted by deltaboy
"If the eurozone breaks up, the European Union will not be able to survive," he added.
At his most dramatic, Rostowski even warned that "war" could return to Europe if the crisis fatally weakens the EU, founded amid the rubble of World War II."
He appears to be a bit worried about his paycheck.
edit on 14-9-2011 by aaa2500 because: (no reason given)
Originally posted by TechUnique
I have been saying for a while that Greece will be the first domino to kick start the mayhem. I hate saying it but this coming crash is inevitable and it looks as if its going to be on a MASSIVE scale.
God help us.
(Or aliens/demons or w.e )
Finnish lawmaker suspended over Greece remarks
Associated Press 0
Published: September 15, 2011
HELSINKI (AP) — A Finnish opposition lawmaker has been suspended from his party's parliamentary group for suggesting that the Greek financial crisis should be solved with tanks.
Jussi Halla-aho from the Finns party — formerly known as the True Finns — was suspended for two weeks because of the inflammatory remarks he posted on Facebook.
In those comments, Halla-aho said a military junta was needed in Greece "to rein in the strikers and demonstrators ... with tanks."
The Finns parliamentary group leader Pirkko Ruohonen-Lerner said Halla-aho had accepted the punishment and pledged to change his ways.
Halla-aho, known for his controversial political blogs, was once charged but acquitted with incitement against an ethnic group for online comments about the Prophet Muhammad.