Blog 8 Euro Here to Stay

By: Paul Taylor
The European Union recently declared that they would keep all 17 members and add more unions to the Euro Zone. After rumors of losing members and not adding anymore due to public budget cuts and the recession the European Union is still going strong. There are 3 reasons why views of the European Union has changed. First the European Central Bank put a floor plan under the Euro Zone by agreeing last month to buy unlimited quanties of bonds of any troubled member state that accepted the conditions of a bailout program. Next the Euro's permanent rescue fund became operative last week and provided $645 billion for countries at risk of losing access to capital markets. Lastly the union wants Greece to stay in the Euro Zone, this comes a result of spending cuts and recession tearing the fabric of societies in places like Athens and Madrid, casting many middle class families and retirees into poverty and unemployment. This means that famlilies living in poverty and umemployment in Madrid and Athens can have a better chance of gaining assistance but all of this is a result of globalization and outsourcing;. Although these countries are getting bailed out they are often still at the mercy of owing back dept for bailouts to the IMF or having to change public programs.
http://www.nytimes.com/2012/10/16/business/global/euro-here-to-stay.html?pagewanted=all