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News Link • European Union

Euro Back From the Brink Again? What a Surprise ...

•, by Staff Report

In this article excerpted above (one we missed at first, as it appeared on June 29th), we can see this meme playing out with great force. Reuters is a prime elite newswire that sets the trend in news coverage around the world. Here's some more:

Shortly before 11 p.m. on Thursday, after nearly six hours of fruitless negotiation, Spain and Italy flatly refused to sign up to a growth pact for the EU unless Germany and others agreed to short-term measures to help them overcome the relentless pressure from financial markets, officials said.

France, the main proponent of the growth pact, tacked towards Spain and Italy, favoring quick action. Germany, the Netherlands and Finland initially held out, saying they were not going to be 'blackmailed' into delivering short-term relief to struggling states, especially if the help was not accompanied by strict conditions.

One official described the line the Finnish and Dutch leaders took as particularly hard-nosed yet when push came to shove, the threat of the euro zone's third and fourth largest economies being driven closer to the edge, or even over it, was too alarming to contemplate and Germany budged.

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