Euro Crisis Will Take at Least A Decade to Resolve – Angela Merkel

German Chancellor Angela Merkel said in her weekly video address that the “Euro Crisis will take at least a decade to resolve.”  The G20 agenda was hijacked this week by the concerns over a   default by Greece.  After approving a massive bailout of the Greece, which quietened the markets for a day, Gree Prime Minister Papandrou announced that he would get approval by the Greek people in a national referendum.  This caused a revolution in his own party and he later delayed the decision.  Papandreou’s government survived a confidence motion last night.

In her video address Merkel said, “Putting the Euro crisis to rest will take at least a decade.  The debts were piled up over a decade and it will surely take us another decade until we find ourselves in a different situation,” she said.  She said the resolution by the countries of the Euro Zone to put the breaks on spending will initiate a very difficult road,  which will have to be taken step by step.  She said that it would take a combined effort by all nations in Europe, which would have to do their homework, and do all that is necessary to bring the fiscal house in Europe in order.

Merkel also defended the bank bailouts.  “Had we not helped the banks, the results would have been even more devastating for the economy and it would have endangered even more jobs.”  She said that in future banks would have to sort their own affairs.

Germany has provided a good portion of financial assistance to prop up ailing European economies.  Angela Merkel recently expended her political capital by convincing the “Bundestag” to approve the latest measures.  She won an overwhelming bipartisan majority with over 500 votes in support of her plan.

The lessons of Europe should be studied carefully and it indicates once again that you can’t spend your way out of a crisis.  Sooner or later all governments need to get a grip on their spending.  The government can’t be all things to all people.  Hopefully the lesson is heeded.

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Karl Gotthardt - Politisite Managing Editor Maj. Gotthardt is a Retired Military Officer with 35 years service in the Canadian Armed Forces. He spent most of his time in the Military in Infantry Battalions. Karl took part in training for Afghanistan as an Operator Analyst with the Canadian Maneouvre Training Centre. Karl is a qualified military parachutist and military free fall parachutist. He earned his U.S. Master Jump Wings in Fort Benning, Georgia. Karl enjoys working with horses for the last 24 year. He owns six. He has experience in breeding, training and of course riding.Karl was born in Germany and is fluent in both English and German and he speaks enough French to "get in trouble". Karl has written or writes at NowPublic, All Voices, Tek Journalism and many others.

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