**** Re-read of associated posting relating to "CODEX ALIMENTARIUS" on 18 NOVEMBER, 2010.
Nouriel Roubini, professor of economics at New York University wrote in the Financial Times on Tuesday, "Put simply, the Irish-like the Greeks - are on a path to near or complete insolvency.
"The reason the EU has so far decided to provide emergency financing to Greece and Ireland is . . . because of concerns about systemic contagion."
GUARDIAN -THE AGE, THURSDAY, NOVEMBER 18, 2010
* Contagion .. passing on of disease by touch, contact; physical or moral pestilence! - (Collins English Gem Dictionary)
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** ALSO '... baulk at a second euro bailout'.
"... Despite the predictions by some economists that Germany might choose to opt out of the euro zone, few voices in Germany and certainly no political parties are calling for such a dramatic move.
Instead Chancellor Merkel has declared the fight to save the euro as nothing less than the struggle for peace and protection against war in Europe.
"We're talking about something huge here," she said at the annual gathering of her CDU party this week. "This is about the European ideal of peace."
She added that "amid all the talk of crisis mechanisms, voting rights, contracts, stability culture, rescue packages, the IMF, currency, the European central bank", it was "easy to forget" the reason the euro had been founded in the first place.
"If the euro fails, Europe fails," she said in a sound bite that, whatever the outcome of the current crisis, is likely to become one of her more memorable lines. GUARDIAN - THE AGE, THURSDAY, NOVEMBER 18, 2010
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