BelieveBY BENJAMIN ONG | FRIDAY, 27 JUL 2012 9:35AMBelieve that "the ECB is ready to do whatever it takes to preserve the euro." That should "be enough." |
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![Phil Usher](https://media.financialstandard.com.au/prod/media/library/Contacts/cwyzorar-0002_featured_profile.png)
Phil Usher
CHIEF EXECUTIVE OFFICER
FIRST NATIONS FOUNDATION
FIRST NATIONS FOUNDATION
Taking a gamble to steady the ship as chief executive of First Nations Foundation, Phil Usher has turned it into a more secure, self sustaining entity, far better equipped to empower First Nations people to achieve financial prosperity. Andrew McKean writes.
But what is Draghi able to do? Or put another way, what will Merkel let him do?
If they give a banking licence to the European Stability Funds, the Germans will scream that the ECB is bailing out sovereigns directly, which is prohibited.
Extend cheap loans to banks hoping they will buy peripheral bonds - given how much the banks have lost already doing this, is it feasible?
Mutual Euro guarantee of banks. Will Germany agree?
Joint fiscal responsibility - peripherals will not cede sovereignty.
More austerity - deeper recession and ever less chance to repay debt.
What is the answer? How do you believe the Euro mess will be solved?