Eurozone ministers have failed to come up with an agreement to deal with the problems faced by nations struggling to pay off their debt.

Meeting in Poland, Eurozone officials came to no agreement on proposals such as taxing financial transactions or whether or not Greece has done enough with regards to it's austerity measures.

Greece is likely to run out of cash by mid October and any decisions to a further Greek bailout has been delayed until early October and this is not the news investors wanted to hear adding weight to speculation that Greece will default this week.

As for the UK, tensions and divisions were clearly outlined over the taxing of financial transactions, which UK officials believe will ruin Britain's ability to compete as one of the world's leading financial centres sending business to countries where such transactions would not be taxed.

So great are the divisions within Europe it prompted America to send over arch hypocrite US Treasury Secretary, Timothy Geithner.

Geithner received a welcome which was about as warm as 30,000 year drilled ice core sample from Antarctica.

The representative of the nation which triggered the sub-prime crisis said

"governments and central banks need to take out the catastrophic risk to markets"

He then reportedly said

"What's very damaging is not just seeing the divisiveness in the debate over strategy in Europe but the ongoing conflict between countries and the (European) central bank."

What does the man standing in a glass house want? A United States of Europe with one fiscal policy indebted to the Dollar?


Comment Here!