Saving the Common Currency: German Obstructionism Heightens Euro Fears
Part 5: The EU Summit
German Chancellor Angela Merkel is under fire in Europe these days for her opposition to plans aimed at propping up the euro.
There is little to indicate that Merkel might be willing to compromise at this week's summit. Most expect her to do what she can to push through her crisis mechanism and further oppose both the Euro-bond idea and an extension of the EFSF. She remains convinced, after all, that there is no rush.
Plus, her plan would take time to implement in the first place, requiring as it does a slight change to the wording of the Lisbon Treaty -- a change that would require the approval of all 27 European Union member states.
Billionaire investor George Soros is just one of many who think that Europe needs to act quicker than that. "It is better to inject equity now rather than later and it is better to do it on a Europe-wide basis than each country acting on its own," Soros wrote in a recent contribution for the Financial Times.
Should it not, he continued, the threats facing Europe are significant. There is a risk, he wrote, "that the euro may destroy the political and social cohesion of the EU."
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