Thread: Europe Debt Crisis Continues To Hang Over World Economy?

The debt crisis in Europe continues to hang over the global economy after a summit of world leaders last week failed to produce any tangible new solutions.

The Group of 20 summit in Cannes, France, ended with broad promises from global heads of state to support economic growth and create jobs.
But the closed-door talk yielded scant details on the comprehensive plan the European union agreed to the 27th of Oct.

The Oct. 27 plan includes a series of measures to address the crisis, including debt relief for Greece, new capital requirements for banks and plans to build a financial "firewall" around vulnerable euro area economies.
Less than a week after it was announced, the plan was called into question following a controversial move by Greek Prime Minister George Papandreou.
Quote:
This is a question of whether or not we want to be in the Eurozone," said Papandreou. "That is very clear."

Well, the crisis has its implications and they are real bad. One of them according to me would be with drawl of Euro as International currency (currently there are two international currencies i.e. USD and Euro which are stored as cash by the various countries' national banks). This would further strengthen the USD which would indirectly monopolize the currency.