What prevented the collapse of the EURO?

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  • January 25, 2012 at 4:10 am #21423
    Anonymous
    Guest

    Keep in mind that the US purchased EURO bonds(?) at the height of the EURO crises, so America had a vested interest in the success of the EURO. Returning to the individual national currencies would have been a fatal mistake given the delicate nature of the global economy and possible multiple defaults from Greece, Italy, Spain, Ireland, and France.
    For China, a country whose "bragging rights" focused on how much money they SAVED when buying CHRISTMAS gifts, the EU, EURO, and the US economy thank you for keeping the EURO afloat.

    January 25, 2012 at 4:10 am #3772
    Rob_Hugo@PortNW
    Keymaster

    A news report in December 2012 stated that increased consumerism and the growing middle class and upper class in countries such as Russia, Brazil, India and China (e.g., the B.R.I.C. nations) staved off what would have been a catastrophic downfall for the global economy.

    Of particular note are the countries of China and India whose growing consumer demand kept the EURO "afloat" until austerity measure and a recent downgrade of France's credit worthiness lead to a sigh of relief from the EU and the US.

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