BIS Urges Europe to Fix Sovereign Debt Crisis ‘Once And for All’
The Bank for International Settlements urged Europe to end its dithering and find a permanent solution to the sovereign debt crisis.
For well over a year, European policy makers have been scrambling to put together short-term fixes for the hardest-hit countries while debating how to design a viable and credible long-term solution,” the BIS said in its annual report published today in Basel, Switzerland. “They need to finish the job, once and for all.
European officials have bickered over who should foot the bill for bailouts of Greece, Ireland and Portugal, prolonging a crisis that some analysts say could end in the demise of the euro. While European Union leaders last week agreed to a new aid program for Greece to stave off default, Germany is still trying to convince banks and insurers to participate by rolling over their maturing Greek debt.
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