EU Leaders Agree on Second Bailout for Greece

Lisa Bryant, Voice of America, 24.06.2011

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Stock markets rallied Friday after European Union leaders agreed on a new bailout for Greece, provided that Athens commits to more austerity measures. But the Greek deal fails to address fundamental problems threatening the future of the 17-member eurozone. [...]

Janis Emmanouilidis, senior policy analyst for the Brussels-based European Policy Center, agrees the European Union must address fundamental imbalances within the eurozone if the monetary union is to remain intact.

"I think the member states will come out of the crisis," said Emmanouilidis. "I'm not saying in total. I'm not saying some of the member states won't face even more severe problems. In the Greek case we don't know how the case will in the end start to develop."

If the EU resolves its eurozone debt problems, analysts like Emmanouilidis believe the block could emerge strengthened from the experience. If not, some analysts fear the decade-old currency zone may not survive, at least not in its current form.

For the entire article see here.


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