"Am I therefore become your enemy,because I TELL YOU THE TRUTH...?"
(Galatians 4:16)

Friday, May 21, 2010

EU nations back tougher sanctions to combat debt...

BRUSSELS – European Union finance ministers backed tougher sanctions to prevent them running up too much debt in the hopes of winning back market confidence and getting a handle on the debt crisis that is threatening the euro.The European Union's president Herman Van Rompuy said the talks Friday showed that "it was very clear that there was a broad consensus on the principle of having sanctions"-both financial and political.Current limits on debt and deficits are backed up on paper by heavy fines, which have never been imposed-effectively allowing Greece and others to ignore them and build up massive debt.Van Rompuy gave no details of new sanctions because officials from the EU's 27 governments, the European Central Bank and the European Commission are only starting work on changes to widely flouted EU budget rules. EU leaders are due to decide on long-term reforms at an October summit...
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Picture Left:German Chancellor Angela Merkel, right, and Vice Chancellor and Foreign Minister Guido Westerwelle react during the final parliament debate of an euro 750 billion (US $1 trillion) eurozone rescue package in Berlin, Friday, May 21, 2010.(AP Photo/Markus Schreiber)

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