Wednesday, March 24, 2010
It's at times like this for situations like the one in Greece where indecision seems to be more harmful than making any decision at all. Bail them out, kick them out, just do something. In this report, Reuters has the latest developments in the ongoing Greek tragedy:
European Commission President Jose Manuel Barroso made a new call on Wednesday for countries using the euro to create a safety net to help Greece if it needs financial assistance.The Germans continue to dig in their heels despite continued reports about being open to compromise. Elections that are quickly approaching in May and an adamant public that sees no reason to aid the spendthrift Greeks after they lied about their finances for years is no doubt making the problems even more difficult than they would otherwise be.
Barroso told the European Parliament that although the Greek debt situation was not on the formal agenda of a meeting of European Union leaders on Thursday and Friday, he could not imagine the issue would not be discussed.
"It is now appropriate to create, within the euro area, an instrument for coordinated action which could be used to provide assistance to Greece in case of need," Barroso said.
"The framework for coordinated action should be understood as a safety-net to be used only in the case that all other means to avoid a crisis have been exhausted, including first and foremost exhausting the scope for policy action at the domestic level."