EU leaders say goodbye to ugly year euro (The Salt Lake Tribune)

By RAF CASERTThe associated PressPublished 17 December 2010 11 H 12
Update there is 1 minute to update 17 December 2010 11 H 12 leaders of Brussels • EU capped year euro pain with renewed to protect their battered common currency determination. But, even after their seventh Summit in a chaotic year markets failed to take account, leaving stunned executives. Black Thursday Again.After, heads of Government has pledged to use their financial might to protect troubled States. Before dawn Friday, a major rating agency downgraded the solvency of a troubled European economy - Ireland - attention lean on their promises and promises.Thus was the year in Europe, the euro, which means for welding former enemies together forever, fell prey to a market which saw debt, deficit and outrageous spending where Governments have seen ideals policies. "I don't understand what they are doing," French President Nicolas Sarkozy said Moody rating of credit downgrades warning and the Ireland topping more. " "This decision - I simply call astounding."In 2010, markets are all too often seen as a step behind events - Government and was considered by managers respond beyond reason. "It is excessive, if I may say," Irish Prime Minister Brian Cowen said, pointing out its draconian control runaway deficits cuts deserved better.Yet, the Ireland damage was already done. " "" Professor Paul de Grauwe at the University of Leuven, is still too little, too late ", said EU year crisis response. "They have waited too long to give a message to the market."In the latest attempt to keep eurozone 16 Nations décousu, leaders of the EU decided last meeting of the year to change the Treaty that underlies the block to make way for a new system of rescue for the countries that debt trouble in the long term.And Sarkozy and German Chancellor Angela Merkel joined forces by announcing plans to reduce the enormous differences between the economies of the euro market players operate every year long.That will probably mean attachment like strict EU standards in economic policy, social policy and taxation - areas that Member States have long tried to keep national capitals and extraordinary Kingdom EU eventually. "" This year has finally drawn closer us together as we would have waited two or three years, "Merkel said Friday.But certainly not how everything would expected.Greece began the crisis, with the end of the year last revelation that he had been falsified its statistics to hide huge deficits and debt. "And after giving to the German mark, the French franc and read a dozen years ago, many European taxpayers were furious that they had allowed the Greek drachma to poison the common currency.Markets is on perceived the euro weakness, a currency which has become a flagship with the dollar and the Japanese yen on market.Some international load that the Greek Government and the EU correspond to market reaction speed and Governments are still trying to catch page up.Next".