Eurozone rescue scheme not a quick fix

Agence France Presse (AFP), 06.12.2011

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European leaders, under threat of debt downgrades across the eurozone, are rushing to deliver a credible remedy to the crisis this week but as time runs out analysts warn there will be no quick fix. [...]

Analysts say the ECB's intervention would give European leaders the breathing space they need to implement the politically-sensitive changes to the EU treaty.

"The ECB must effectively act as a 'lender of last resort' at least until more permanent arrangements are in place," Janis Emmanouilidis and Fabian Zuleeg, European Policy Centre think tank, wrote in a commentary.

"It is still possible to avert meltdown: but at a price. Not only will eurozone countries have to agree to 'more Europe' ... but they will also have to allow the ECB to step in to prevent immediate collapse," they wrote.

For the original article see here.


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