England's White Dragon

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Friday, 11 November 2011

Obama dose his maths and reads riot act on Euro

Obama dose his maths and reads riot act in a late night warning to so called European leaders and orders them to take more dramatic action in the doomed Euro

The United States President Barack Obama has reads the riot act to the leaders of several European countries - saying more dramatic action is needed to avert a Euro-zone meltdown, which was always doomed from its birth some critics say; like the English first minister, who said; the euro was designed to fail because the maths just could work? if any of those countries that are in it had bother to actually work them out said Sir Michael, the euro was meant to fail and bring Europa into minorities chaos which would then lead into the currency chaos on counties finances breakdowns, leading many of those countries that went into it, going into or on the verge of bankruptcy’s and then the people of those countries going into what we now call disorder as unrest- protest, strikes, riots which are now building up to complete civil unrest through the whole of Europa and those that have the euro, it was a very cleaver thought out conspiracy by a few very high powered people? Now we see the end is near for the euro, and it’s only by the grace of God the British rulers new the English people would never vote it in as being the English currency, England can and will survive without the euro, or being part of the EU, the EU is the devils servant that its self has caused the world’s problems see today?    

Obama made telephone calls to German Chancellor Angela Merkel, French President Nicolas Sarkozy and Italian President Giorgio Napolitano late last night.

Treasury Secretary Timothy Geithner told the London Times the president had demanded faster action from Europe.

Speaking from the Asia-Pacific Economic Cooperation conference, Geithner said: 'The crisis in Europe remains the central challenge to global growth.

'It is crucial that Europe move quickly to put in place a strong plan to restore financial stability.'

He said all of the 21 APEC countries were directly affected by the Eurozone crisis, and encouraged them to take steps to 'strengthen growth in the face of these pressures from Europe'.

And he revealed that Obama was looking to hitch the U.S. economy to growth opportunities in Asia that he hoped would help power the recovery he needs for re-election.

Developments in Europe saw U.S. stocks rise yesterday. The Dow Jones Industrial Average finished up 1 per cent at 11893.79, and the Nasdaq Composite tacked on 0.1 per cent to 2625.13.

The warning to Europe comes as Italy's Senate today votes, after months of dithering and delay, on austerity measures demanded by the EU.

The Italian upper house is due to vote on a package of cuts. The law should pass easily, as it should in the lower house on Saturday.

Voting for the first time in the upper house will be Mario Monti, the former European Commissioner who has emerged as favourite to replace Silvio Berlusconi as prime minister.

Berlusconi, who lost his majority in a vote on Tuesday, has promised to resign after the financial stability law is passed by both houses of parliament.

If the votes pass smoothly, Napolitano may accept Berlusconi's resignation as early as Saturday night and formally mandate Monti to try to form a new government soon afterwards.

At first, Berlusconi had insisted that early elections were the only option. But he has since softened his stand and is said by sources to be open to a new government.

Markets were calmed at the prospect of an interim government, rather than a three-month vacuum before elections are held.

Monti, a highly respected international figure, has been pushed for weeks as the most suitable figure to lead a national unity government to push through painful austerity measures.

It also comes as Greece's prime minister designate was set to name a new crisis cabinet today to calm the political turmoil that has threatened to bankrupt the country and force it out of the euro zone.

Greece's two main parties agreed yesterday to make Lucas Papademos head of a new unity government.

It ended a chaotic search for a leader to save the country from default. He must now fulfil the terms of a 130 billion euro bailout plan agreed with European partners in October.

Papademos said: 'The path will not be easy but I am convinced the problems will be resolved faster and at a smaller cost if there is unity, understanding and prudence.'

Sources in the two parties - the ruling Socialists and the opposition New Democracy - said Evangelos Venizelos was likely to remain as finance minister when President Karolos Papoulias swears in the new cabinet, scheduled for 12noon GMT

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