December 7th, 2011
05:09 AM GMT
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(CNN) - 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.

December 7 – A leaked memo reveals that European nations could be penalized by being stripped of some powers if they fail to manage their budgets, according to the note sent to leaders from European Commission President Herman Van Rompuy. The confidential proposal, obtained by CNN’s Nina dos Santos, suggested details of  a plan perhaps even stricter that of those German Chancellor Angela Merkel and French President Nicolas Sarkozy. Any perceived loss of sovereignty could well be a sticking point for the 17 nations as they ready for Friday’s important summit.

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 (20 Responses)
  1. Dantx10

    Commodities Futures are staying strong. Simple way for the Europeans to launder their failing Euros and not lose it all.

    December 7, 2011 at 6:08 am |
  2. Henk

    CNN there is no 10 days agreed by anyone. Taking one comment out of context is preposterous and childish. As leaders like Merkel and Sarkozy and van Rompuy say, Europe will take a step by step approach to improve fundamental. This will take some year to implement and improve. The crisis will slowly diminish. Interest rates on Italy bonds have already dropped under 6%.

    The ECB has announced it can step in if needed. The IMF had announced it now has enough funding to even help Italy if ever needed. Italy with Berlusconi gone is now implementing large reforms. Belgium has a new government. European leaders are closer then ever on creating a fiscal union for long term stability.

    The Euro is here to stay and keeps totally solid against the Dollar at over 1.30. It has been above 1 on 1 with the dollar for 8 years now. All the way through the crisis that began in the United States. The Euro ain`t moving. So stop your cheap ass articles against Europe.

    December 7, 2011 at 6:22 am |
  3. Observer

    Hmm wonder why only cnn is keeping track but rest of the world media isn't...fear mongering with a hidden agenda perhaps?

    December 7, 2011 at 7:25 am |
  4. TinkAussie

    this is not a bashing up of Europe. The whole world is concerned. Do you actually think that CNN is helping American egos to by belittling the American crisis and over concentrating on Europe's tumult? Pretty stupid. The world is, and has always been, intrinsically tied to Europe; from the wars we have all been dragged into and the imperial pressure colonies have felt for generations. Whilst still being a European problem, we are all involved, we are all affected. We all go through hard times, and it is hard to feel the finger pointed towards your culture, but lets just hope your leaders cope better than you with the pressure. I hope for unity, for a United States of Europe.

    December 7, 2011 at 7:40 am |
  5. Jennifer Young

    Eurogeddon – pretty much says it all....this thing will get a lot worse before it gets better, the world needs to accept a new archetype when it comes to the energy of money and until this happens we will remain stuck......

    December 7, 2011 at 8:45 am |
  6. mvny67

    Only the BBC is worse in its anti Euron mongerring perhaps CNN should do more to track what the US authorities are doing about their own debt issue which outs you in two years in the same position with Greece. what happened with your debt commission>>>

    December 7, 2011 at 10:57 am |
  7. Theo

    A funny look on the euro crisis in this link:

    December 7, 2011 at 11:55 am |
  8. john doe

    3 more days before ... eerrr, the next discussions to extend the deadline 10 more days, ... eerrrr before the next discussions .... eerrrr ....

    December 7, 2011 at 11:56 am |
  9. Sebastiaan

    The european crisis is nothing compared to USA.
    USA is bankrupt.

    December 7, 2011 at 12:40 pm |
  10. Kdogg

    Is it just me, or has the quality of blog debates been deteriorating? There is no US vs Europe agenda, except those forced by some plastic politicians. There may be some financial interests in keeping the 'scaremongering' in the headlines, but apart from that, the Eurozone has ramped up the buffers quite drastically in the last 3 months, and I see a lot of sovereign fiscal powers being transferred to Belgium in due course, making the currency AAA safe. I wouldn't be surprised if Germany shares the risk of Eurozone debt in order to transfer national fiscal policies to Belgium (i.e. Spain, Greece and Italy), as it would ramp up Germany's ridiculously strong export markets.
    As for the US, the debt is supported by a ridiculously liquid industrial sector (and it is, despite the scaremongerers) and, coupled with the financial sector clout, any upturn in the economy will have an amplified effect on the deficit reduction policies. As long as future taxation policies can focus more on corporate and dividend returns, the economic policies will shift to a success-linked diminishing debt.

    December 7, 2011 at 1:44 pm |
  11. Kdogg

    PS – Meant to say ridiculously liquid 'private' sectors. Asset devaluation may still play some part, but most major corporate EBITDAs have accounted for the post-2008 losses, and recapitalised based on predicted future depreciation.

    December 7, 2011 at 1:49 pm |
  12. TinkAussie

    Kdogg.... Great writing. :)

    December 7, 2011 at 5:18 pm |
  13. Mr. Robert

    Hey, I'm planning my holidays in Europe (Aprol 2012). What should I do? Carry US dollars or Euros? Cancel the trip?

    December 7, 2011 at 5:31 pm |
  14. Joe Unger

    Kdogg, you got Henk's posting all wrong. His issue is with the headline "Only 3 more days to save the Euro." I agree with what he says; it's a cheap, sensationalistic attempt to grab attention. It may not be motivated by euro-bashing but it is immature and pathetic.
    You seem to have only focused on the vest last line of his comment. I focused on the other 99%.

    December 7, 2011 at 5:33 pm |
  15. jtmedina

    British media and others are working really hard to destroy the Euro. It seems UK is seeing a great opportunity and they are clearly taking advantage of the situation by day and night claiming the death of the Euro. It seems they don't have a 1 TRILLION in debt and 25% of unemployment rate among young people. It seems the only ones in trouble is Europe, like they never really belonged to that club.

    I never liked the way they betray us and I really hope they sink and fail because they are the dirtiest and most dishonest of all.

    December 7, 2011 at 6:37 pm |
  16. Gino Nakamura

    The Euro is not in default. The European crisis born in USA and is directed by S&P, Goldmann Sachs etc... Now S&P is trying to make a Golpe in Greece and Italy. If it works we are in front of a new Global Rule. If don't work we are waiting for a USA bankrupt or a new World War. See you soon in Venus.

    December 7, 2011 at 7:10 pm |
  17. @Mr.Robert

    I think you'll be helping their economy as a tourist so you'll be very much welcomed there. But, if the euro does indeed break by then you'll have more of a hassle converting to each country's own original currency. If i were you i'd booked and pay up for everything now cos it's easier with a single currency still in place and convert only when there

    December 7, 2011 at 9:19 pm |
  18. john doe

    3 days passed. Is it saved now? NOT!

    December 9, 2011 at 11:46 am |
  19. poly jumps

    Great post. Keep me updated with your content.

    April 13, 2012 at 1:29 am |
  20. alub70

    I like this post, thank you...

    June 18, 2012 at 7:16 pm |

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