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Jennifer is Co-host of The Story of Liberty Radio Broadcast, video editor and creator, blogger & Web designer for the Story of Liberty. TheStoryofLiberty.net

European finance ministers meet to try to avert global crisis

BRUSSELS – The 17 finance ministers of the countries that use the euro converged on EU headquarters Tuesday in a desperate bid to save their currency — and to protect the global economy from a debt-induced financial tsunami.

Read more: http://www.usatoday.com/money/world/story/2011-11-29/euro-finance-ministers-meet/51458492/1

Demonstrators surround he euro logo in front of the European Central Bank as part of the “Occupy Frankfurt” protest in October.

The ministers were discussing ideas that would have been taboo only recently: countries ceding fiscal sovereignty to a central authority; some kind of elite group of euro nations that would guarantee one another’s loans — but require strong fiscal discipline from anyone wanting membership.

The fear is that the crisis — which has already forced bailouts of Greece, Ireland and Portugal — could engulf bigger economies such as Italy, the eurozone’s third-largest economy. If Italy were to default on its debt of €1.9 trillion ($2.5 trillion), the fallout could spell ruin for the euro and send shockwaves throughout the global economy.

Read more: http://www.usatoday.com/money/world/story/2011-11-29/euro-finance-ministers-meet/51458492/1

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