Euro zone nations must save money by Zivka Deleva

Big European countries agreed that the nations in the euro zone must be more economical in their spending if they want their common currency to survive the big bounce. Europe is facing new recession if the adequate measures are not going to be taken on time. Finance ministers of the 16 euro area countries gathered on a meeting in Brussels trying to come up with the best rescue decision. Their main worry headache is the fall of the euro. It has fallen to a four-year low of 1.22 dollars in Tokyo trade, which was the lowest since April, four years ago. The leader of the meeting was Luxembourg Prime Minister Jean Claude Juncker, who is the most worried about the euro fall on th! e foreign exchange markets. "I am not worried as far as the current exchange rate is concerned, I'm worried as far as the rapidity of the fall is concerned," Juncker said. He tried to convince the businessmen and investors that "the euro is a credible currency." One thing is for sure, that everybody expects that helping the countries with big debts can really cost Europe rise of the inflation. These days, finance ministers of the 27 European Union members should define the new rules to regulate hedge funds. According to German Minister Wolfgang Schaeuble, the most important task for every citizen of a euro zone country should be to low the deficit. That would be for the common good. It is his country that gave the biggest part of the bailout help for Greece, and not for Greece only, but for other euro nations as well. As EU Economy Commissioner Olli Rehn said, the first payment of 20 billion euros for Greece are going to be delivered today. Punishment for the bad economy ! leading countries, that is what everybody agreed. Wait and see! how wil l the old lady Europe save its back.

by Zivka Deleva for Cantell TV (http://cantell.tv)

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