The EU Summit To Save The Euro Has Already Failed

Wednesday, June 27, 2012
By Paul Martin

Wolf Richter
June 27, 2102

During the two-day EU summit on June 28 and 29, all eyes will be breathlessly riveted on German Chancellor Angela Merkel—with one question on all lips: will she blink? Because nothing less than the future of the Eurozone and the euro is at stake. And by extension, the world economy. Only she can save it. And she’d have only 48 hours!

There is even the Grand Plan, issued by European Council President Herman Van Rompuy. It includes all the goodies: an unelected European Treasury with power over national budgets and how much countries could borrow; Eurobonds; a banking union that would guarantee deposits; and the ESM that would bail out the banks. The Grand Plan would require common policies on taxation and employment regulation. An aura of “democratic legitimacy” would be created by joint-decision making with national parliaments. And every item to be funded would be paid for by taxpayers in other countries, particularly by those in Germany.

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