‘Eurozone must act to avoid collapse’

May 31st, 2012

FAKE NEWS for the Zionist agenda

Olli Rehn warned on Thursday that European leaders must anchor their actions in more austerity if the eurozone is to avoid “disintegration” and “depression.”

As Spain faces a deep recession and Greece has already tipped to possible exit from the single currency area, Rehn said there are no shortcuts and that budget consolidation, reforms and some public investment hold the keys.

“To be frank, this is the case if we want to avoid a disintegration of the eurozone and if we want it to survive,” Rehn said.

Rehn said that “default or disintegration” would likely cause much greater pain for Europe’s citizens than further unpopular austerity and reforms, as it “would lead to terrible depression in Europe and around the world”.

He said the solution remained “first, by staying the course of fiscal consolidation, second, undertaking structural reforms, and third, by boosting both public and stimulating private investment in order to provide fuel for the growth engine.”

His remarks come as EU leaders have been struggling to ease the Europe economic crisis and amid concerns over a Greek exit from the debt-stricken euorozone.

Nearly two weeks ago, leaders of 27 EU countries met to find ways to contain the crisis, and prepare contingency plans in case Greece quits the single currency area.

The leaders concluded their latest summit with few concrete steps to fix the financial crisis.

MSH/JR/MA