G7 members agree to work together to deal with Spain’s financing problems

Tuesday, June 5th 2012 - 23:22 UTC

Full article 7 comments

The Group of Seven finance chiefs agreed in a teleconference call to work together to deal with the problems hitting Spain and Greece, Japanese Finance Minister Jun Azumi said on Tuesday. Read full article

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briton
sod them,

where were they when we needed help.

we should keep our money, for british , jobs , and the poor ,
Jun 05th, 2012 - 11:47 pm - Link - Report abuse 0
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Condorito
1
If Spain goes bankrupt we will all be worse off.
A stitch in time saves nine!
Jun 06th, 2012 - 12:52 am - Link - Report abuse 0
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Idlehands
The ECB needs to start issuing eurobonds. Eventually the Germans will need to understand it is in their best interests too. My fear is that they'll let the Euro reach the point of no return before the Germans realise it.
Jun 06th, 2012 - 05:42 am - Link - Report abuse 0
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Boovis
There's no financial crisis, but we need 40 billion euros. Uh-Huh.
Jun 06th, 2012 - 05:56 am - Link - Report abuse 0
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Condorito
@3
Eurobonds would be a tempting fix, but they might just provide temporary abatement. Eurobonds would be a blank cheque for the Piigs; a cheque that was guaranteed by the other countries, especially Germany.
It would disincentivize the Piigs to fix their problems. The point would come when the markets would say, Germany can’t underwrite all this debt, and the Eurobond would become as risky as Spainsh bonds are now. That is why Germany would want some measure of control over the piigs' budgets if the Eurobond route were to be taken.

It is true that inaction will probably lead to the breakup of the EZ, but for Germany, that might be better than taking on half of Europe’s debt.

At the end of the day, the only solution is to stop spending more than you earn. Unfortunately, things will have to get a lot worse before the people of Europe are willing to accept that reality.
Jun 06th, 2012 - 01:30 pm - Link - Report abuse 0
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Brit Bob
G7 on Spain. While we're on the subject of Gs why is Argentina a member of the G20 when it lies down in 27th place as per GDP???
Jun 06th, 2012 - 04:26 pm - Link - Report abuse 0
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briton
At this point, it would suit Germany if it all collapsed,
They don’t want it, neither does France,, but they have a simple choice, give billions to help, and see others waste it, or sit back, let them and other spend billions,
And when it goes pear shaped, they would be better of, and in a more better position to dictate terms of a rebirth, I think Germany now fully understands, that there eagerness to bring it all together allowed some countries, that were never ready to join, [actually join]
Storing up problems for the future, Ireland has already agreed to let Germany control its finances, and others are allowing this to happen, [a bad mistake we thinks ]
But hey, if im wrong, the euro will recover, the EU will get stronger and more powerful, and even closer to that eluded united states of Europe,, and all will be well, Spain and Greece and Italy will be celebrating in the street,

BUT if im right,
Greece will vote against austerity, and be removed from the euro, Spain will get its bailout and cause mayhem, Italy will follow,, and the whole lot will break into two sections,
[Germany is not stupid]
That’s my opinion, for what’s its worth .

nnn
Jun 06th, 2012 - 07:42 pm - Link - Report abuse 0
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