Even as Governments Act, Time Runs Short for Euro

Quotes

Nicolas Kulish and Steven Erlanger, International Herlad Tribune / New York Times, 12.11.2011

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The window of opportunity to save the euro is rapidly closing, as the sovereign debt crisis erodes the solvency of Europe’s banks and drives up borrowing rates for even once rock-solid countries like France.  […]

The outlook is not entirely bleak. Upon taking the reins at the European Central Bank this month, Mario Draghi cut interest rates by a quarter percentage point, which may help growth rates. And Germans have lately seemed open to expanding debt guarantees in exchange for the promise of stability.

“The conviction of the seriousness of the crisis has reached a new level, and that is positive,” said Janis A. Emmanouilidis, senior policy analyst at the European Policy Center. “Whenever you hit the wall, you come up with something.” […]

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