Out of intensive care, Europe risks chronic illness


By Paul Taylor – Last week’s European Union summit was the first in two years that was not totally dominated by fire-fighting in the currency bloc’s sovereign debt crisis. The relief was audible.

European Commission President Jose Manuel Barroso said, “It was a meeting focused on growth.”

European leaders have signed a German-driven fiscal compact treaty giving sharper teeth to their oft disregarded budget discipline rules, and key states such as Italy and Spain are implementing tough spending cuts and pension and labor reforms.

Greece has averted a catastrophic default, at least for now. more> http://tinyurl.com/8yhkt9e

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