BIS Urges Europe to Fix Sovereign Debt Crisis ‘Once And for All’ – Businessweek

    • 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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