Wednesday, May 30, 2012

Eurozone Aid Fund 'Should Bypass Governments'.....I am waiting for them to Slap United States of Europe on the Table, can't be much longer Now..Surely

EU officials have called for the eurozone's emergency bailout fund to be used to directly shore-up troubled banks, by-passing national governments.

As Spain's banking problems deepened, the European Commission said that consideration should be given to using the eurozone firewall, the European Stability Mechanism (ESM), to prop up crisis-hit banks within the currency bloc.

In an annual report card on the 17-nation eurozone and the economic challenges it faces, the EU executive said: "To sever the link between banks and the sovereigns (debt), direct recapitalisation by the ESM might be envisaged." Read More