– Poland, Czech Republic Won’t Join “Burning” Euro (ZeroHedge, July 27, 2015):
With the turmoil in Greece proving once and for all that in the absence of a fiscal union, the EMU simply cannot function or if it does, it will be subject to episodic crises stemming from endemic differences of opinion on fiscal policy, outsiders could be forgiven for looking upon the currency experiment as an abject failure.
Indeed, the struggle to secure a bridge loan for Athens last week underscored the degree to which non-euro countries are reluctant to put their taxpayers on the hook for problems which they believe are the result of an ill-fated attempt to unite fundamentally different economies and governments under a single currency.
Given the above, we weren’t surprised to learn that Poland and the Czech Republic are out voicing their reservations about running into what is effectively a burning building. Here’s The Telegraph on Poland:
Poland will not join the euro while the bloc remains in danger of “burning”, its central bank governor said. Continue reading »