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Technocratic governmentA (me): Technically (no pun intended), a technocratic government is one in which the ministers (or what we call “Secretaries” in the United States) are not career politicians; in fact, in some cases they may not even be members of political parties at all. They are instead supposed to be “experts” in the fields of their respective ministries. So the classic example is that the Finance Minister (or Treasury Secretary in the US) would be someone with an academic background in economics who had worked for years at the IMF, but has not previously run for elective office or been heavily involved in election campaigns.
Greece may be forced to leave the euro if the country refuses to implement spending cuts agreed with the European Union, Angela Merkel warned.
Stock markets around the world fell sharply with fears mounting that a euro break-up could lead to renewed financial turmoil. The FTSE-100 index of Britain’s major companies fell by two per cent to 5465, with bank shares hit particularly hard.
Wolfgang Schaeuble, the German finance minister, added: “We have a very nervous situation in the eurozone.”
The cost of Spanish government borrowing also hit a record high since the single currency was introduced because of concerns that the crisis will spread.He said the advantages of Greece staying in the euro outweighed any perceived gain from exiting the single currency. “But it will be strenuous,” he said. “The price if they decide to leave the euro is very high. It would cause a huge amount of turbulence for all of us.”
Why the Required Spending Cuts in Europe but here in the Good All US of A we continue on a record spending/bailout scam that has never been seen before???