Which touches on the even more crucial point: none of Sarkozy’s fellow leaders would be able to afford to let him unleash the furies of the euro’s demise given the unspeakable damage that would inflict on their societies, and the world economy.With a collective GDP of over .5 trillion, the euro zone is not only an economic area too big to fail—it’s even too big to contemplate going down.
THANK YOU for the NP pool idea for Lenny Conundrum. - Al_cranan When we designed the first Neopets we didnt differentiate between male and female.In fact, given the long-term business stakes–and profits–at risk in possibly losing things most groups operating in Europe now take for entitlement granted, it’s astonishing there hasn’t already been a veritable riot of banks, hedge funds, and non-financial companies alike to pressure governments into taking decisive action to ensure the euro’s safety, future, and business-enhancing conveniences.But there have been no riots–mostly because the focus of governments, investors, and average businesses have remained implacably selfish and short-term.And just the renewed hassles of having to deal with 17 national economies instead of the single euro zone market would cost governments and companies billions.Indeed, the heavy, heavy hit of losing the euro and reintroducing old national currencies and rules wouldn’t be limited to government and taxpayers alone.
The enduring euro crisis has limped on at greater risk of final collapse in part because European leaders have been too worried about their own national accounts and personal political futures to unite and act in bold, decisive, and doubtless painful manner to get the problem under control.It has also continued on because while EU officials have been repeating their increasingly unconvincing determination to protect the future of the currency, bankers, hedge fund managers, traders, CEOs of non-financial companies, and everyday consumers have all refused to actually contemplate the consequences of what will happen if their leaders don’t make good on pledges to safeguard the euro.The table, in other words, seems set for still more dithering that will only further darken an already bleak outlook in Europe—making it a perfect occasion for someone to step up, break ranks, and stun everyone watching with an unexpected, do-or-die growl of Perhaps the best person to provoke that monumental game of economic chicken amid the debt/euro crisis is French President Nicolas Sarkozy—a politician in desperate need of a Hail Mary achievement to revive what increasingly looks like a doomed re-election bid in six months time.’ Paul Krugman also sets the dilemma out in more general terms in his typically brilliant (albeit relentlessly euro-hostile) column., the French for “I dare you”, “I’m calling your bluff”, or even “make my day”—something often used in situations that somehow seem too formidable or fearsome to simply give in to without an audacious (albeit long-shot) challenge. Less than 24 hours ahead of Wednesday’s critical EU summit on the debt crisis, it appears improbable the gathering will produce the kinds of decisive actions by governments capable of bringing the chaos under definitive control.
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