OECD urges 'overwhelming force' to fix eurozone
Source: BI-ME with AFP , Author: Posted by BI-ME staff
Posted: Mon June 18, 2012 8:56 am

INTERNATIONAL. The head of the Organisation for Economic Cooperation and Development warned G20 members they may need to deploy "overwhelming force" to confront Europe's sovereign debt crisis.

Speaking in the Mexican resort of Los Cabos ahead of the G20 summit of the world's most powerful economies, OECD secretary general Angel Gurria said the eurozone's response to the trouble had not been adequately coordinated.

"Europe has the means, the institutions, the vigour and the power ... but its will has not been transmitted in the correct way, because of the problems in the governance of its institutions," he warned, at a news conference.

The European members of the G20 -- Britain, France, Germany and Italy -- are expected to come under pressure from all sides during Monday's summit to commit to more debt burden-sharing to ease market pressure on Greece and Spain.

Interest rates for the weaker of Europe's debt-ridden economies have soared amid fears on the bond markets that eurozone members, starting with Greece, might default if stronger powers like Germany fail to back them up.

Gurria said the world faces a "generalized slowdown" and if an institutional response to the problems triggered by the eurozone crisis is not found the G20 might need to deploy "overwhelming force" to contain the fallout.

 

MIDDLE EAST BUSINESS COMMENT & ANALYSIS

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INTERNATIONAL. A Syria in which the regime and IS, rather than other rebel groups, are the only real domestic players turns Bashar al-Assad into a pivotal cog in the fight against jihadism. That is something Saudi Arabia cannot allow to happen. To turn the tide, it needs a United States that is engaged and willing to do its bit.
date:Posted: February 11, 2016
INTERNATIONAL. "Although we anticipate some strain on Gulf banks' funding and liquidity this year, good asset quality and strong capitalization remain positive factors."
date:Posted: February 10, 2016
UAE. Low oil prices will constrain the amount of funding available to Gulf sovereigns and banks to support the region's substantial infrastructure bill in coming years; S&P projects a gap as large as $270 billion through 2019 between capital spending for projects and project contracts awarded.
INTERNATIONAL. A Syria in which the regime and IS, rather than other rebel groups, are the only real domestic players turns Bashar al-Assad into a pivotal cog in the fight against jihadism. That is something Saudi Arabia cannot allow to happen. To turn the tide, it needs a United States that is engaged and willing to do its bit.
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