I suppose it comes down to the idea of solidarity

Monetary union without fiscal union (and particularly without meaningful fiscal transfer) is untenable. If the Eurozone countries believe in the single currency, they should put up the readies to support the countries in need. And the recriminations can work both ways. Aren't the Eurozone countries who agreed to admit new members without properly applying the convergence criteria, and who didn't realise the inadequacy of the original SGP, more culpable than investors in Cypriot banks?

Posted By: King on March 16th 2013 at 20:36:22

Message Thread

FAO King (General Chat) - Tricky Hawes, Mar 16, 20:09:43
- It still seems disproportionate to me (General Chat) - King, Mar 16, 20:19:27
  - but what do you do about the losses that banks have now? (General Chat) - Tricky Hawes, Mar 16, 20:21:20
    - Can't they nationalise the banks using the ESM funds? (General Chat) - King, Mar 16, 20:23:31
      - so Northern European taxpayers pay for the losses? (General Chat) - Tricky Hawes, Mar 16, 20:26:35
        
        I suppose it comes down to the idea of solidarity (General Chat) - King, Mar 16, 20:36:22
        
        France and Germany were the first to break the original fiscal compact (General Chat) - phrankin, Mar 16, 21:52:14
  - I agree (General Chat) - Sugbad The Bad, Mar 16, 20:21:01
- In my opinion (General Chat) - Sugbad The Bad, Mar 16, 20:12:04
  - At least you're celebrating the rugby result though (n/m) (General Chat) - Tricky Hawes, Mar 16, 20:15:16
    - Yes, you're extravagantly funny aren't you! (General Chat) - Sugbad The Bad, Mar 16, 20:19:14

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