December 6th, 2011
05:26 AM GMT
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Last week  Olli Rehn, Europe's Commissioner for Economic and Monetary Affairs, warned the eurozone was entering a critical phrase to solve its debt crisis, which has deepened since Greece took its first bailout in May 2010. Rehn said the region has "10 days to complete and conclude the crisis response of the European Union."

Quest Means Business has been counting down the 10 days leading to the eurozone summit meeting. Some key moments so far:

November 30 – The U.S. Federal Reserve, European Central Bank and other central banks took co-ordinated action to oil the wheels of the world's financial system.

December 1 - We heard the first talk of stronger fiscal union among the 17 nations united under the single currency. Unlike other currencies, the euro members still have separate tax rates, budgets and other fiscal planning.

December 2 - World markets rally, and Europe markets finish their best week of gains since 2008.

December 5 – Italy's new prime minister, Mario Monti, presents a proposal with $41 billion in new taxes and spending cuts for a start of "painful measures" to help the eurozone's third largest economy emerge from its budget crisis.

December 6 – World markets in Asia and Europe awaken to the news that S&P issued an unprecedented downgrade warning to 15 of the eurozone's member nations - including Germany and France, the twin economic titans of euro currency members.

The countdown of Rehn's 10 days continues on Quest Means Business. Join him Monday to Friday, 1900 London time. You can also find him on Twitter.

soundoff (6 Responses)
  1. Paul Johnston, PhD Economics


    December 6, 2011 at 7:36 am |
  2. bernardwesly

    I think the medias are more panicked than the Eurozone nations

    December 6, 2011 at 8:43 am |
  3. HA-DONG

    Ten years ago,Two American Nobel 's price in Economics had predicted a very short live of Euros ,They were wrong;
    In 2000 we needed 118 US Dollars to buy 100 Euros and to day We need more ,much more around 135 bucks.

    December 6, 2011 at 9:47 am |
  4. Suave

    It seems to me the US originated rating agencies are part of the problem themselves...

    December 6, 2011 at 12:42 pm |
  5. desert voice

    It is hard to understand that so many PhD. in economy didn't see this coming. Normally, a child of twelve could see that borrowing money at high percent is a dead-end road. Even Warren Buffett could not pay off for ever high interest loans. The interests would eventually catch up with him and eat his fortune up. The only way the European Union will survive is if it replicates the Chinese Model. But this seems unthinkable at this stage. If this happened, Karl Marx would be dancing in his grave.

    December 6, 2011 at 9:32 pm |
  6. Anthony Koivc

    Too many decades of prosperity have made the West fat and lazy. Hard work and diligent savings have been replaced by a lifestyle of easy credit ... "living the good life" with money that has been borrowed rather than earned.

    December 7, 2011 at 1:44 am |

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About Quest Means Business

Quest Means Business airs Monday to Friday, 1600 New York and 2100 London, and is hosted by Richard Quest.



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