European package won’t cure countries’ insolvency

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We have a $700 billion to $1 trillion rescue package being thrown at countries “which are patently insolvent”, David Roche from Independent Strategy said in a CNBC interview. He added that EU leaders have not addressed how the austerity measures are going to be enabled to help these countries become solvent again.

Source: CNBC, May 10, 2010.

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1 comment to European package won’t cure countries’ insolvency

  • Well that has been the method followed by the USA.We had hundreds of billions thrown at the financial sector but when it comes to reforms the lobbyist army unleashed by the financial sector is blocking it. I don’t think the Greek unions are going to accept much austerity like the financial sector in the US.

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