Wednesday, November 17, 2010

Unlike Bernanke, Europe Can't Just Throw Money From Helicopters

In a clear allusion and rebuttal to what Ben Bernanke is doing in the U.S., German Economy Minister Rainer Bruderle said that "The EU cannot throw money from helicopters", and "You can't just throw money from helicopters ... You have to create confidence in institutions, in the state, in public authorities,"

Bruderle added on the Irish situation: "It's up to the Irish government to ask for assistance from the International Monetary Fund or from European funds." and said the eurozone economies like Greece and Ireland should engage in deficit-reducing reforms in order not to require assistance any more.

"The European community as a whole has an interest in finding a way to have guarantees of a solution when there are difficulties,"  He added that "The situation in Italy is different, with no tension."

Underlying the severity of the crisis, EU's President Herman Van Rompuy warned that the 27-nation bloc's very future could be at stake:

"If we don't survive with the eurozone we will not survive with the European Union," he said.

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