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editorial vault |
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Uploaded on Thursday 9 April, 2015 to the globalist cabal |
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The triumvirate in the eurozone |
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The single currency for the European Union, the euro, was launched on 1 January, 1999, as per the Maastricht Treaty on European Union of 1992. The reasons behind this novel project were political, rather than economical. The day the euro came into force, high expectations were sounded that this currency would bring prosperity and stability, that it would serve as a means to forge a cohesive economic block, capable of competing with the likes of the economies of North America and the far-east.
The truth is that the euro has not lived up to expectations, and it could even be phased out if this trend invariably goes on. The euro was lumped together with economies of various strengths. Not all EU member states go about their business with the same work ethic, thus necessitating an authority to emerge and help clean up the financial systems where needed. This is where the Troika comes in. So far, over 400 billion euros has been expended in bailouts to prevent countries in the eurozone from defaulting on their loans. The costs of keeping the euro going are high, but are they worth it? |
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