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Euro Will Not Fail, Say Wolfgang Schaeuble And John Major

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The single currency won’t fail, and the region’s nations are determined to defend it, Mr Schaeuble told German newspaper the Bild am Sonntag in an interview published on Sunday.

"All those responsible in Europe agree: the euro is to all our advantage. And that’s why we will successfully defend it,” Mr Schaeuble was cited as saying.

“Those who bet their money against the euro will have no success,” he added. “The euro won’t fail.”

His comments come ahead of a European Union summit this week that is to focus on establishing a permanent rescue mechanism starting in 2013 for crisis-hit eurozone nations.

The euro has come under pressure since Ireland followed Greece in tapping into the region's €750bn rescue fund.

Separately, John Major on Sunday gave the single currency his vote of confidence.

“What I do not expect is for the eurozone to break up,” the former Prime Minister said in an interview on BBC television’s Andrew Marr Show on Sunday.

The US and International Monetary Fund would step in to help prevent a break-up if such a scenario threatened, he said.

However, he added that the euro area is likely to face "a long period – perhaps a decade – of slow growth."

Schaeuble appears to be having a Norman Lamont moment here.

There are going to be no devaluations, no leaving the ERM. We are absolutely committed to the ERM. It is at the centre of our policy. We are going to maintain sterling's parity and we will do whatever is necessary, and I hope there is no doubt about that at all.

Norman Lamont defending the ERM. Just before he lost a few billion trying to prevent the sky from falling in.

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The key question (my apologies for asking it again) is what does "fail" mean? The Euro "failed" the day it was born by virtue of letting Italy join with the widely recognised "fudges" needed to cover up their over borrowing. "Failure" means what in this reported context? Do Schaeuble and Major mean it will not be replaced by local currencies, if so I agree with them. Or do they mean the ECB will not pump trillions into basket case economies? In which case the "failure" is already starting. The forex traders will "bet" one way or another and maybe like the hapless and incompetent Tory government of which Lamont was a part the ECB will get a spanking. Proof that this "independent" central bank is no more able to exert power than were the Tories and the BoE. Yet another lie of free market globalisation and de-regulated consumerist capitalism is exposed. The endgame draws nearer.

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The key question (my apologies for asking it again) is what does "fail" mean?

The depression resulting from emerging economies begging for Hanseatic fiscal leverage (rather akin one might quip to turkies voting for Christmas being a monthly rather than annual feast).

Edited by ParticleMan
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