RUMOUR OR TRUTH:IS GERMANY CONSIDERING OPTING OUT OF THE EURO ZONE?
The global financial crisis has his many European countries HARD.Think,Greece and Spain.European Union members are getting nervous everyday with rumours,speculations and unpredictable movements on the markets as all countries belonging to the Euro Zone anticipate the next slip or slide by some country which has made bad decisions in the last 10 years at least.Is Germany considering leaving this sinking ship?
I would love to have some great answer to your very good question.
Recently I had the opportunity to listen to a well know Irish statesman of repute and someone who has served for a considerable time within the European area as both President and as MP. This is Pat Cox I'm mentioning here. He says that though there may be unrest and uncertainity within the Union and thus the Eurozone, he thinks things will bottom out soon. Though Angela Merkel may be experiencing unrest within her own party, he believes that things will remain fairly stable, despite the unease circulating now.
I don't really know or have any great opinions for you. I hope someone else has some good answers for you. Good question.
I'm not sure if this is even a viable option for Germany. After all, many European banks have investments in other European countries. If Germany was to opt out and countries such as Greece would go bankrupt, that'd be a disaster to German banks.
Also, if a large and economically relatively healthy country such as Germany would in fact opt out of the Euro, odds are that all remaining countries will end up in an even deeper crisis. The question is whether Germany is prepared to be loathed by other European countries, and end up in a deep financial crisis anyway.
I must say I have in fact not heard anything about Germany actually opting out. Actually, just yesterday the 'Bundestag' (the German parliament) asserted the extension of the European Financial Stability Facility (EFSF) from 440 to 780 billion Euros, with 523 to 85 votes.
You might also want to read my hub about the European financial crisis: http://robinoatley.hubpages.com/hub/Wha … an-economy
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