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Girl power saving euro

January 11, 2012

What men have not been successful at, two powerful European women are now trying to sort out. Not much is known about yesterday’s meeting between Angela Merkel and Christine Lagarde, but it looks like these two women are now standing hand in hand against the most powerful lobby on the planet, the financial investors.

As agreed last October investors should share the burden in reducing Greece’s debt. However, the plan to save the Greece and the euro is now being jeopardised. Private investors have built such a powerful position to become reluctant to stick with the bond swap plan. They would rather leave Greece to go bust and consequently endanger the common European currency, than lose 100 billion euro of their investments.

How efficiently Merkel and Lagarde tackled the debt crisis yesterday, show the response of the financial markets. The euro reached the highest level since last week, but the dollar and yen fell.

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From → Hic Salta

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