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Jornal de Negócios - Portugal | Wednesday, July 20, 2011

The euro nightmare

The dream of the euro as a global reserve currency is turning into a nightmare because the leading politicians of the EU are anything but leaders, writes the business paper Jornal de Negócios: "If Spain and Italy can't pay, the creditworthiness of the euro will be destroyed and it would be time to announce the death of the currency. The soundtrack for the funeral would still be Beethoven's Ode to Joy, so as not to step out of line. But the euro was not created only to go down due to a default of payment. It was to be the new global reserve currency, a counterweight to the dollar. The dream was that someday the petro-dollars would be replaced by petro-euros. The problem is that with such lightweight political leaders as Merkel, Van Rompuy, Sarkozy and Barroso this dream has become a nightmare. Europe is witnessing its moral bankruptcy. And it has stopped thinking. The EU and the euro are a concept. ... If that disappears the Union will implode. Europe is lagging behind morally and politically. It doesn't take a rating agency to prove this."

» To the complete press review of Thursday, July 21, 2011

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