EU Debt Crises: Would European Solidarity be Maintained?
The positions of major European powers regarding the sovereign debt crisis seem not to be in harmony as the EU Summit in Brussels comes closer.
German Chancellor Angela Merkel has been very vocal in saying that a step forward may not be possible while French President Nicolas Sarkozy believed that an unparalleled financial crisis could lead member-nations' leaders to come up with significant decisions within the next few days, according to a Financial Times report.
Observers say that European unity may be put to a test if no common agreement is reached by Euro zone leaders on primary economic concerns.
Sarkozy has already mentioned that "Allowing the destruction of the euro is to take the risk of the destruction of Europe. Those who destroy Europe and the euro will be responsible for the rebirth of conflict and discord on our continent."
He admitted that by itself, the French nation will find it very difficult to cope with the financial crisis.
Prime Minister François Fillon reiterated the need for a prompt solution saying that "If we don't succeed, Europe will be at great risk."
The Financial Times also said that the European Commission also pushed back against Berlin's warning that a solution to the eurozone crisis might not be reached this weekend, with a spokesman saying non-EU finance ministers at the G20 had made clear last weekend that "we are expected to provide a comprehensive answer as soon as possible".
The euro eased against the dollar, while shares in French banks, heavily exposed to eurozone sovereign debt, dropped sharply.
Meanwhile, the troubles in Athens have been growing and Spain has encountered similar problems due to the decision of Standard & Poor's to cut down the credit of Spain because of the increasing unemployment rate, prohibitive private sector debt and contracting credit has brought down the Euro currency.