Europe's Debt Crisis Is Not Over

Europe Warned Crisis Not Over Yet -- Financial Times

European finance ministers were warned on Friday that the underlying causes of the continent’s debt and banking crisis had yet to be resolved, as Spain, struggling to rein in its fiscal deficit, published its most austere budget since democracy returned after the Franco era.

Two confidential analyses prepared by European Union officials and distributed to ministers meeting in Copenhagen said €1tn in cheap loans to banks provided since December by the European Central Bank had provided a reprieve, but sovereigns and financial institutions needed to use the relative calm to shore up finances and balance sheets.

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My Comment: It is going to take 5-10 years of hardship and sacrifice before many of these debt ridden countries have some control over their finances. Are they willing to make that commitment and sacrifice .... I am betting that they do not have the will power to follow through.

Update: Canada's finance minister is not impressed with these European measures.