Euro zone debt woes to add urgency to Arctic G7

Reuters ^ | February 5, 2010 | Louise Egan

[Cheap_Hessian]

IQALUIT, Canada (Reuters) - Europe's deepening debt crisis leapt to the top of the agenda of a meeting of G7 finance leaders in the Canadian Arctic on Friday amid fears that Greece's fiscal sickness was already infecting its peers.

Canadian Finance Minister Jim Flaherty, host of the top-level meeting, said officials from the seven rich industrialized countries had already started talking about Europe's problems, and there was particular concern about the situation in Greece.

"I think we have to be very mindful of the potential failure of domestic economies and of the persistence of some toxic assets in some banks," Flaherty told reporters before the meeting got under way.

Euro zone countries like Greece, Spain and Portugal are under increasing pressure to show that they are bringing public finances under control as financial markets' fears about the situation in one country spread to infect the others.

[Thermalseeker]

Since the EU has a common currency it’s not possible for Greece, Spain, Portugal or any of the other EU states with huge debt to inflate their currencies to pay for their Socialist wet dreams. This is going to get very interesting n the not too distant future. My money is on the EU going down in flames....maybe before the end of this year.