That's going to mean a lot of very blue faces.

[randomness]

I realize hardly anyone on the western side of the North Atlantic noticed what Angela Merkel said at her party's regional conference over the weekend, but it isn't terribly encouraging for anyone who wants to see some resolution to the Eurozone crisis anytime soon.

From Deutsche Welle:

Chancellor Angela Merkel has said it will take five years, or even longer, to overcome the eurozone debt crisis.

...

The chancellor told members of her Christian Democrat (CDU) party in Mecklenburg-Western Pomerania there were no rapid solutions to the eurozone crisis.

"We have to hold our breath for five years or more," Merkel warned delegates in the city of Sternberg. "Whoever thinks this can be fixed in one or two years is wrong."

In other words, don't get your hopes up.

Comments

[r-ness.livejournal.com]

I think you're right about that. In no small part that's because no one in charge in Europe seems to have any better idea of what to do than to hold their breath.

[mizkit.livejournal.com]

Oh, I think they know what to do. I think they're choosing not to do it, because it is in their personal best interests to keep the bankers happy. I think it may take revolution to change the situation, and I don't know that people are that desperate yet.

[achinhibitor.livejournal.com]

Part of the trouble is that much of the dubious debt is held by banks in Germany and France, and properly recognizing that those debts won't be paid back would cause the German and French governments to have to recapitalize their banking industries immediately. Better for those governments to leave that need unrecognized.