17 Sep 2011

E.U. Crisis: The Euro Café with different Views Sees a Federalist Illusion

A view from the Place de Luxembourg café sees a picture
European Commission President Jose Manual Barroso, told the European Parliament in Strasbourg 14 the September 2011.
"We are confronted with the most serious challenge of a generation. This is a fight for the jobs and prosperity of families in all our member states. This is a fight for the economic and political future of Europe. This is a fight for what Europe represents in the world. This is a fight for European integration itself. The whole vision for a united Europe is at stake. “
"Federalism is back, we can talk about federalism again." says Guy Verhofstadt, a former prime minister of Belgium "A European fiscal union, an economic union, a political union, this is what the markets want."
EU President Herman Van Rompuy when asked last week "Is it possible for a member to leave the euro?" Said, "No there isn't. Eurozone isn't a cafe." He is also credited with saying In the EU we are taking unpopular decisions in an age of populism. We will do what it takes, step by step.” 

Not a distorted vision: Cafe Dusseldorf, Euro citizens view
 Frank Gehry buildings from the Hyatt hotel terrace. 2011
A view from the street café sees a different picture
“The problem lies in the fact that the plan put forward to remedy the Eurozone crisis is designed to protect banks and major financial institutions first and foremost. Not the taxpayers. And this plan is partially funded and fully endorsed by the IMF. What makes it worse is that these economic interventions are often justified in profoundly arrogant ways.” Austerity programme protester Ireland

A view from the BBC economics café offers a reason.
“Right now, Greece's fate hangs in the balance. It has already received what economists called a "haircut". That is a voluntary agreement from its creditors to take 79 cents in the euro and extend the loans for up to 30 years. Ninety per cent have signed up to this.”
“Anything more than that should trigger a credit event allowing those who have insured themselves against losses on Greek debt to start calling in their money. That is what politicians fear will shoot the Greek debt issue like a sabot anti-tank round straight through the hull of the global economy.” Paul Mason Newsnight.
The citizens view is why follow the Federalists now when they can’t provide unity, leadership or vision at this first major problem. “Dimension, The Art of Superstate” may be just an illusion for the moment.