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Out of 27 members of the European Union saying yes to a new treaty aimed at stimulating growth in the troubled region but will the fiscal compact.
Content Europe's debt crisis actually Webster's here with more actually who said no you know was all smiles and hand -- on the surface -- you know there is tends.
-- old -- while the UK and the Czech Republic said no to this of fiscal compact.
Essentially when he only needs to be ratified by the seventeen members actually use the Euro.
And they no longer -- it's really.
Quite useless in dealing with the -- debt crisis and the the lack of economic growth in the eurozone but.
It keeps the Germans happy because German taxpayers fed up with -- bailing out what they see weaker economy so really.
This is really Angela Merkel the German chancellor but as you can see it allows European Court of Justice.
Two essentially enforce fiscal rules it imposes fines and sanctions for fiscal rule breakers also calls for binding legislation -- constitutional amendments if you like.
Our national debt levels have something to Czech Republic didn't want any -- off neither did the UK but bottom line folks.
Means absolutely nothing what -- -- is facing right now and I really do believe it was a friend that's a really calm German voters and say look we are calling for fiscal.
Austerity and this is the first step towards fiscal union but it's a long way from it.
A long way from from unity there are -- -- go a long way from the decision possibly on Greece where we yeah and it with the debt debt restructuring and why all of a sudden.
Are we now talking about Portugal -- -- and that's let's start with Greece for us every day we say well that just about ready to sign up this -- The -- Greek finance minister today saying we all basically there it's not so much how much of a heck out the private bondholders will take its more about proving it.
Greece proving so those credit is that they will indeed put in place these austerity measures they -- and I have to make massive cuts to defense and health care they're gonna have to eliminate a 150000.
Government jobs this year by the way -- Greece's unemployment rate at nineteen point 3%.
Begs the question which we've been asking well it's a question -- -- -- -- you -- cool these budget cuts how do you grow your economy right because Greece is certainly contracting but they say that the banks are gonna have a -- -- with Greece.
It's just a matter of Greece proving to be candid deep -- -- -- purse strings asked for Portugal.
Yet there -- yield on the ten year -- as they went up to seventeen point 4%.
The five year yield also off the village shops that lets gets -- be honest it has come down -- percent.
To sixteen points -- is -- very recently in the red flag 5% since it was ever present -- -- -- like the only good news reports global say this they have one big.
Bond maturity this year in June but money -- covered by the first bail out the bigger problem for Portugal as -- many of these weaker economies in Europe.
Is that our economy shrinking.
So while they have bailout money now to take care of the bills where's the revenue gonna come from it's just not there right now and you can see.
The markets today well we're in the grain.
It's it's yes good news in as much of Greece gets its next round of money -- it we think.
But the underlying problems fiscal compact or not a still very point nine million people and I'm overweight in Europe 10% -- the U resigned.
Spain up -- nearly 23% youth unemployment.
Through the roof I can't wait to the mornings I can wake up and not worry about how the Greek or.
Portuguese bond offer I -- -- an impact in my life I just can't always so that -- really within out -- you'll ever I get the right equipment are right.
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