DOMINOS

RESTORING TRUST IN PUBLIC AND PRIVATE INSTITUTIONS.

NO FUNDAMENTAL REFORM WILL WORK WITHOUT TAKING ACTION TO STRENGTHEN THE GOVERNANCE OF OUR ECONOMIES. FAILURE TO RESTORE TRUST COULD FUEL AN EVEN MORE TRICKY CRISIS IN THE FUTURE.

TODAY THE CHALLENGES BEFORE US ARE AS SERIOUS AS ANY WE HAVE FACED IN THE PAST.

EUROPEAN LEADERS HAVE PROMISED TO DELIVER AN AMBITIOUS AND SUSTAINABLE SOLUTION TO THE EUROZONE’S DEBT AND BANKING CRISIS THAT POSES THE BIGGEST THREAT TO THE EURO SINCE THE COMMON CURRENCY WAS LAUNCHED OVER A DECADE AGO.

FOR PEOPLE WHO HAD BEEN USED TO YEARS OF CONTINUOUS GROWTH, THE CRISIS CAME AS A SHOCK, UNDERMINING NOT ONLY THE INSTITUTIONS THEMSELVES, BUT THE PUBLIC’S FAITH IN THEM.

IF EUROPEAN LEADERS ARE MAKING PROGRESS IN THE SOLVING OF THE CURRENT CRISIS, THE DETAILS AND LAST-MINUTE DELAYS SUGGEST THAT SIGNIFICANT DISAGREEMENTS STILL REMAIN UNSOLVED.

TO DAY, IT HAS BEEN A NERVY DAY  IN THE MARKETS AND NATIONAL CAPITALS.

THE OVERALL EURO DEAL UNDER DISCUSSION IS TOUGH, INCLUDING A DEEP RESTRUCTURING OF GREEK DEBT, AN INJECTION OF NEW CAPITAL INTO EUROPEAN BANKS MADE VULNERABLE BY EXPOSURE TO SOVEREIGN DEBT AND AN EXPANSION OF A BAILOUT  FUND SO THAT IT CAN WARD OFF A FINANCIAL PANIC IN ITALY AS WELL AS IN GREECE AND PORTUGAL.

TIME HAS COME TO FIX A SYSTEM WHERE LOSSES MADE BY GREEDY INVESTORS DURING BOOM TIMES ARE PASSED ON TO ORDINARY TAXPAYERS DURING BAD TIMES.

TIME HAS DEFINITELY COME TO BUILD A BETTER FUTURE !…

PHLDUCX