December 8th, 2011
03:27 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 phase 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 critical eurozone summit that begins late Thursday in Brussels. Some key moments so far:

December 8 – “I trust them.”

U.S. Treasury Secretary Timothy Geithner’s grip-and-grin comment as he traveled to France to meet with French President Nicolas Sarkozy ahead of Friday’s critical meeting. But implicit in Geithner’s whistlestop tour of Europe is pressure from the U.S. for the eurozone to find a solution to the mounting crisis.

Explainer: Europe’s road to financial crisis

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.

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 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.

Euro crisis jargon buster

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

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.

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.

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.

Filed under: BusinessQuest Means Business


soundoff (9 Responses)
  1. Dantx10

    The Euro is just a shell game and ill-conceived. Failure of the Euro is not an option but just the eventual outcome.

    December 8, 2011 at 5:06 am |
  2. Henk

    There is no 10 days agree upon by anyone. CNN is twisting his fiscal reform comment into some Euro doomsday timeline. Way to go to hype a your news! If only CNN did the same about the roughly 50 million Americans now on foods stamps. Or the 52Million Americans now without health insurance! Oh wait, that would put the US in a bad light instead of Europe or China or India or Russia or Brazil. International news channel my A..! Ass Merkel, Sarkozy and van Rompuy say: Europe will take a step by step approach to improve fundamentals. This will take some months or longer to implement. Rome wasn`t build in a day.

    December 8, 2011 at 6:11 am |
  3. Henk

    There is no 10 days agreed upon by anyone. CNN is twisting his fiscal reform comment into some Euro doomsday timeline. Way to go to hype your news! If only CNN did the same about the roughly 50 million Americans now on foods stamps. Or the 52Million Americans now without health insurance! Oh wait, that would put the US in a bad light instead of Europe or China or India or Russia or Brazil. International news channel my A..! Ass Merkel, Sarkozy and van Rompuy say: Europe will take a step by step approach to improve fundamentals. This will take some months or longer to implement. Rome wasn`t build in a day.

    December 8, 2011 at 6:12 am |
  4. Paul Johnston, PhD Economics

    THE EURO IS ALREADY DEAD AND BURIED - HUGE RISK TO INVESTORS WORLDWIDE NOW!
    GET OUT WHILE YOU CAN!

    December 8, 2011 at 6:51 am |
  5. Bruno

    Euro will do just fine. This is only drama, which people love.

    December 8, 2011 at 8:45 am |
  6. Pat

    As Bruno says: all this is just drama to distract us from the US debt problem. The euro will do just fine, thank you very much.

    December 8, 2011 at 9:23 am |
  7. CHANDRA SEKARAN

    The present crisis is a result of over blown consumption based "standard of living"as conceived by western and american civil society and the inflated currencies and unrealistic economic terminologies can not either in short term or in medium term will bring about any solution to this atrifically created problem of over consumption,in the name of technology development.

    Only solution is to get real and live with in the means.If such a thought isput into action then, one would see that these civilizations have to EAT LESS MEAT ,DRINKLESS ALCHAOHL,DISCOVER FAMILY VALUES ON ONE MAN/ONE WOMAN,LESS DEPENDANCY OF THE ECONOMY BY SELLING WAR MACHINARY.

    December 8, 2011 at 9:51 am |
  8. RLONG

    ISN'T EURO SOME KIND OF SANDWICH, SOLD AT FESTIVALS?

    December 8, 2011 at 7:47 pm |
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    I can look for the reference to a site on which there is a lot of information on this questino.

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    September 22, 2012 at 10:50 pm |

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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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