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Eurozone talk ideas in frantic bid to save euro
THE 17 finance ministers of the countries that use the euro converged on the European Union headquarters yesterday in a desperate bid to save their currency - and to protect Europe, the United States, Asia and the rest of the global economy from a debt-induced financial tsunami.
The ministers were discussing ideas that would have been taboo only recently, before things got as bad as they are: countries ceding fiscal sovereignty to a central authority; some kind of elite group of euro nations that would guarantee one another’s loans - but require strong fiscal discipline from anyone wanting membership.
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