A new EU meeting by Claudia Sonea

The member states of the European Union are going through a serious crisis caused by excessive government borrowing. Many countries like Greece, Portugal or Romania have borrowed money excessively due to a bad administration that spent the budget on futile investments, on their diplomatic trips, cars and in their own interest in some cases. Speculations that the debt crisis will spread in the entire union have led to the depreciation of the euro and the investors were scared off. Last month, countries like United Kingdom, Italy, Spain or France presented to the public the measures that will be taken ! to reduce budget deficit and avoid getting in the same situation as Greece. Most obvious, the incompetence of the politicians is paid by those who have to work really hard to secure a house and food for their families. Salaries and pensions have received the first hit and several other austerity measures have been taken. Yet, the media and the investors have little confidence that the reform plans will actually save countries from a bankruptcy like the one in Greece. All the speculations and concerns over the stability of the EU have been fueled by the bailout packages set by the EU and the IMF and by the meetings of the union leaders in order to find solutions not only to save the countries, but also to prevent such situations from happening again. On Thursday, EU leaders are meeting again in Brussels to analyze the causes of the debt crisis, to come up with tougher sanctions for the countries that surpass the annual limits of the expe! nses and to show the world that the union has a cross-border e! conomic government. EU efforts to regain investors’ trust are shadowed by Britain’s reluctance to adopt the measures taken by the union, as well as its refusal to adopt the euro as currency. Many hope that following the meeting the Brits will show more openness to the solutions that would assure the future of the country. Don’t go away, this most definitely has a follow up….

related story (sgx17617): http://www.france24.com/en/20100616-eu-leaders-deny-spain-em...

by Claudia Sonea for Cantell TV (http://cantell.tv)

Cantell TV is the fastest growing provider of digital broadcasting coupl! ed with telecommunications, allowing people to easily control, view, upload and share digital content through proprietary interface coupled with free phone calls. Cantell TV is committed to delivering infinite choices to your world of entertainment at the tip of your fingers.