EU facing crisis over debt and communication

Luke Baker, Kathimerini (English edition), 25.11.2010

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The European Union has deployed billions of euros and endless words to try to contain its sovereign debt crisis this year, but poor communication and bad timing have left financial markets unconvinced.

The communications problems haven't caused the crisis - excessive government borrowing, inflated bank lending and poor macroeconomic management have done that. But they have exacerbated it, making it harder to stop the rot spreading from Greece to Ireland and maybe Portugal. [...]

"We're asking people to provide leadership as politicians and sometimes you want them to say things clearly, but that gets broken down by financial markets," said Janis Emmanouilidis, a senior analyst at the European Policy Centre, a think tank.

"You have to be very careful these days and it's not just the financial markets. In the EU, if someone says something, it gets examined and broken down by the capitals in every member state. The situation is so tense among 27 states and the markets. It's a difficult balance to maintain." [...]

For the entire article see here.

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