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What really caused the eurozone crisis?

World leaders probably spent more time worrying about the eurozone crisis than anything else in 2011.

And that was in the year that featured the Arab Spring, the Japanese tsunami and the death of Osama Bin Laden. What's more, 2012 looks set to be not much different. But as eurozone governments hammer out new rules to limit their borrowing, are they missing the point of the crisis?

   * The eurozone has agreed a new "fiscal compact"
   * Eurozone leaders have agreed to a tough set of rules - insisted on by Germany - that will limit their governments' "structural" borrowing (that is, excluding any extra borrowing due to a recession) to just 0.5% of their economies' output each year. It will also limit their total borrowing to 3%. These rules are supposed to stop them accumulating too much debt, and make sure there won't be another financial crisis.
   * But didn't they already agree to this back in the '90s?
   * Hang on a minute. They agreed to exactly the same 3% borrowing limit back in 1997, when the euro was being set up. The "stability and growth pact" was insisted on by German finance minister Theo Waigel (centre of image). What happened?
   * So who kept to the rules?
   * Italy was the worst offender. It regularly broke the 3% annual borrowing limit. But actually Germany - along with Italy - was the first big country to break the 3% rule. After that, France followed. Of the big economies, only Spain kept its nose clean until the 2008 financial crisis; the Madrid government stayed within the 3% limit every year from the euro's creation in 1999 until 2007. Not only that - of the four, Spain's government also has the smallest debts relative to the size of its economy. Greece, by the way, is in a class of its own. It never stuck to the 3% target, but manipulated its borrowing statistics to look good, which allowed it to get into the euro in the first place. Its waywardness was uncovered two years ago.
   * 3/9 Italy
     Worst offender
   * 5/9 Germany
     First to break rules
   * 6/9 France
     Offender
   * 9/9 Spain
     Top of the Class
   * But the markets have other ideas
   * So surely Germany, France and Italy should be in trouble with all that reckless borrowing, while Spain should be reaping the rewards of its virtue? Well, no. Actually Germany is the "safe haven" - markets have been willing to lend to it at historically low interest rates since the crisis began. Spain on the other hand is seen by markets as almost as risky as Italy. So what gives?
   * So what really caused the crisis?
   * There was a big build-up of debts in Spain and Italy before 2008, but it had nothing to do with governments. Instead it was the private sector - companies and mortgage borrowers - who were taking out loans. Interest rates had fallen to unprecedented lows in southern European countries when they joined the euro. And that encouraged a debt-fuelled boom.
   * Good news for Germany...
   * All that debt helped finance more and more imports by Spain, Italy and even France. Meanwhile, Germany became an export power-house after the eurozone was set up in 1999, selling far more to the rest of the world (including southern Europeans) than it was buying as imports. That meant Germany was earning a lot of surplus cash on its exports. And guess what - most of that cash ended up being lent to southern Europe.
   * ...bad news for southern Europe
   * But debts are only part of the problem in Italy and Spain. During the boom years, wages rose and rose in the south (and in France). But German unions agreed to hold their wages steady. So Italian and Spanish workers now face a huge competitive price disadvantage. Indeed, this loss of competitiveness is the main reason why southern Europeans have been finding it so much harder to export than Germany.
   * ...and a nasty dilemma
   * So to recap, government borrowing - which has ballooned since the 2008 global financial crisis - had very little to do with creating the current eurozone crisis in the first place, especially in Spain (Greece's government is the big exception here). So even if governments don't break the borrowing rules this time, that won't necessarily stop a similar crisis from happening all over again.
     Spain and Italy are now facing nasty recessions, because no-one wants to spend. Companies and mortgage borrowers are too busy repaying their debts to spend more. Exports are uncompetitive. And now governments - whose borrowing has exploded since the 2008 financial crisis savaged their economies - have agreed to drastically cut their spending back as well. But...
   * Cut spending...
   * ...and you are pretty sure to deepen the recession. That probably means even more unemployment (already over 20% in Spain), which may push wages down to more competitive levels - though history suggests this is very hard to do. Even so, lower wages will just make people's debts even harder to repay, meaning they are likely to cut their own spending even more, or stop repaying their debts. And lower wages may not even lead to a quick rise in exports, if all of your European export markets are in recession too. In any case, you can probably expect more strikes and protests, and more nervousness in financial markets about whether you really will stay in the euro.
   * Don't cut spending...
   * ...and you risk a financial collapse. The amount you borrow each year has exploded since 2008 due to economic stagnation and high unemployment. But your economy looks to be chronically uncompetitive within the euro. So markets are liable to lose confidence in you - they may fear your economy is simply too weak to support your ballooning debtload. Meanwhile, other European governments may not have enough money to bail you out, and the European Central Bank says its mandate doesn't allow it to. And if they won't lend to you, why would anyone else?

www.doudouneamonclersfr.com police followed the alarm go

In February 28th theSecretary of county Party committee meeting, Jieyang Experimental Zone of the main party attaches great importance to the leadership ,pro catch deployment ,the departments at all levels to implement the responsibility ,cooperate closely ,abercrombie paris,fight in coordination ,crack down on various illegal and criminal acts ,effectively promote the region social security comprehensive rectification work in depth .
District Party committee secretary Cai Yaoqing on February 28th and hosted by area members of the party and government bodies ,direct the Department is mainly responsible for people ,towns (street ) secretary ,alcalde ( director ) attended the District Management Committee joint (expansion) conference ,communicate seriously learning conference, research deploy whole area 2009 year deepen social security comprehensive rectification work .
Requirements of the region at all levels of departments should take powerful measures ,abercrombie,deepen ten regulation ,ensure the stability and rapid economic development .In order to strengthen the regulation of &ldquo  ;ten &rdquo  ;leader ,zone established by the district commissioner ,Secretary of politics and Law Committee, Xia Wei of director of public security general command of the deepening social security ten action command ,at the same time established Jieyang test area 2009 year deepen social security ten rectification work program ,further clarify the rectification work key and all levels of various departments work .
Experimental Zone of comprehensive management of public security organs play a role as the main force ,the police mobilization ,go to all lengths ,quickly set off &ldquo  ;ten rectification &rdquo  ;action climax, has dispatched police 386 person-time ,establishment of a fixed card post 2 ,inventory of entertainment ,rental housing ,louboutin pas cher,hotels ,Internet cafes ,hogan,car repair shop and other key sites in all 262  ;cracked various types of criminal cases 6, detained 11 suspects ,5 arrested  ;destroyed 2 criminal gangs ,arresting criminal gang member 6  ;and public security cases 65 ( including gambling cases 24, punishment 125)  ;seized unlicensed no certificate ,false licenses vehicle 150; the recovery of stolen cattle farm 2 head ( value 16000 yuan ) ,the stolen car 1, rob mobile phone 3 ,collection simulation pistol in 1,woolrich outlet, more than 30 sets of devices ,control tool to commit a large number of .
In order to ensure that the &ldquo &rdquo  ;ten rectification  ;to obtain actual effect ,experimental district public security authorities insist on &ldquo  ;police followed the alarm go ,source control ,fast detection fast break &rdquo  ;working principle,, key areas ,key period for implementing the precision strike ,give full play to initiative and the spirit of continuous operation ,louboutin,has taken a a series of measures  :one is held substation leader and each unit &ldquo  ;a &rdquo  ;conference ,mobilization deployment of action ,put forward to make clear a requirement .
During the operation, Schell ,the District Public Security Bureau commissar Lin Xujian himself the supreme commander ,to the police station ,point card check ,outlet hogan,other members of the team led the Bureau of each hook station coordinated operations ,to carry out a full range of action  ;in two ,Yung East Bridge Road Wangjiang exit card ,,strengthen the past suspicious vehicles and personnel .
,michael kors outlet;three is made pilot area public security organs to carry out armed patrol work program ,give full play to the social security comprehensive forces ,strengthen road patrol and plainclothes ambush combination ,low crime ,for breaking current cases ,severe blow &ldquo  ;rob a stolen &rdquo  ;case ,to deter crime  ;four is to combat illegal gambling activities as the main line ,focus on tackling key and difficulty ,do not stay dead ,sac longchamp pas cher,not to stay hidden ,at the same time with the village police station also signed book of responsibility of ensuring that gambling ,sac longchamp,gambling problem does not rebound  ;five is a complex public places one by one check, do not stay dead ,ensure one by one pass ,hollister;six is a group of public security police ,police organization ,strengthening for dangerous goods ,explosive goods of the safety inspection ,eliminate hidden dangers  ;seven is the Criminal Investigation Brigade increase detection pursuit work force Degree of &ldquo  ;therefore ,a stolen &rdquo  ;criminal cases give severe blow  ;the eight battalion of the traffic police is a joint fishing lake of unlicensed undocumented ,false licenses vehicle seizure attack, from fountainhead keep within limits &ldquo ,louis vuitton outlet;rob a stolen &rdquo  ;cases .
Through a large number of investigation Bukong ,the District Public Security Bureau in the experimental area of armed ministry guest house successfully captured in the area had many times and prepare to go on robbery suspect Huang Mouda ( male, 23 years old ,Yangjiang city) .
The continuous interrogation ,Spaccio Woolrich,Hwang was finally confessed in 2008 12 at the end of test area the number of crimes of robbery crime; according to Huang to account,michael kors, in the experimental zone thickness and Chen Village Road side grass ,franklin marshall,extracting the tool watermelon knife 1, and captured its partner Lin Moubin ( male, 29 years old ,test Zone )  ;in the involved Huang Mourong ( male, 18 years old ,test area ,at-large ) home captured ied 2 ,hollister france,watermelon knife 1 ,motor vehicle license plate sealing 8 grains ,concentrated sulfuric acid 1 bottle ( 400 ml) .
At present, Hwang ,Lin Moubin has been arrested .February 26th morning, battalion of the criminal investigation branch and south of the river police station destroy robbery gang in 2 ,captured by Huang Moufeng and other 6 criminal suspects, seized for committing a robbery simulation pistol ,woolrich,recover the stolen mobile phone ,2 head of cattle farm ,piumini moncler.
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www.doudouneamonclersfr.com five heroes of Langyashan

Miyun search mission to the &ldquo &rdquo presented pennants; knife.Our correspondent Lin Zhenhong taken 5 days is the Miyun liberation 60 anniversary day, Miyun Xunqin delegations from Guangdong Jieyang back to the cloud, cloud 430000 who brought back a good news: Miyun for years to join the liberation of Miyun “ knife even ” finally in Guangdong Jieyang was found,Spaccio Woolrich.
The relevant departments of Miyun, Miyun dagger “ ” in December 5,louis vuitton outlet, 1948 participated in the liberation of Miyun battle, take county east of North Point main task.After all the hundreds of soldiers fight a bloody battle,woolrich outlet, only 38 people.
The company was later CMC awarded “ Miyun knife even ” the title of honor.Thereafter, the army into the war of liberation of the flood, in Miyun people's sight.For decades, Miyun departments has found that the main gate of the original group of 429, it was Dong Cunrui's army,louboutin pas cher, now in the Jilin of Yanbian; as well as reinforcements original mandate of mission 427, it is the white Yihua's army, now in Jiangsu Wuxi plum garden,outlet hogan.
Only Hongyituan &ldquo,franklin marshall; ” (formerly the 424 regiment) &ldquo,abercrombie paris; Miyun knife even ” there has been no whereabouts.In September this year, carry out the creation of national ecological county of cloud of ecological civilization and the pilot county of Guangdong Province, county government delegation to Shaoguan to inspect the local ecological construction.
In the informal discussion, Shaoguan city hall deputy secretary-general Li Dejun heard the delegation from Beijing Miyun, inadvertently said: “ when I was a foreman, a &lsquo regiment; Miyun knife even ’.
” originally, Li Dejun is the year “ Miyun knife even &rdquo,hollister; the &ldquo ” Hongyituan; former head of.From the mouth of Li Dejun,abercrombie paris, led a team to inspect the deputy head of Miyun county to Wang Guangshuang, “ Miyun knife even ” Guangdong Province is in Jieyang city.
Wang Guangshuang immediately decided to ask Li Dejun for help, and &ldquo,hollister france; &rdquo and “ Hongyituan; Miyun dagger &rdquo contact.In November 25th,moncler, as the Miyun Xunqin condolences troupe, Miyun County Party committee deputy secretary Li Heping, a trip to Guangdong Jieyang &ldquo ” a relationship with him;.
“ Miyun knife even ” incumbent commander Bian Jinyong on behalf of the whole continuous cropping to commemorate the report.The delegation of close cloud people condolences to “ Miyun knife even &rdquo,hogan; presented pennants and engraved with the Chinese printing Olympic cultural heritage cliff stone model, and Hongyituan signed “ to build military agreement ”.
“ Miyun knife even &rdquo,sac longchamp pas cher; then to Miyun presented with bloody Miyun scenarios for the relief of souvenirs.Li Heping tells a reporter, over the past 60 years,louboutin, the 38 soldiers or because regroup,abercrombie, or because of demobilized, information has been difficult to query, but the Miyun people never forget their blood relatives of Miyun earth.
All the time since, Miyun people hoping to liberation of Miyun team expression of gratitude, as did not forget the kindness, “ this wish has finally reached.” “ “ &rdquo Hongyituan; Miyun knife even ” now part of the people's Liberation Army an army of some two battalion,.
When the &ldquo Hongyituan,piumini moncler; &rdquo,woolrich; in the Autumn Harvest Uprising by Chairman Mao, with Jinggangshan's old army, forcing Dadu he,michael kors outlet, five heroes of Langyashan, battle of Pingxingguan, loess hill killed Japanese famous flower Abe Kihide, and other stories occur in the regiment,abercrombie.
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christianulouboutinesoldefr.com With a bloom of the time, yo

...... Just sitting on the shore ,watching a catkin, traveled back to seven years ago ... ... Beautiful encounter everyone in life will encounter one person at a time ,touched the hearts that long .
.. ... That June afternoon ,the sun shines into the office through the window ,the window leaves also hung his head, as if to go to sleep .Yuqing idly sit by the side of the computer ,she just learned to surf the Internet ,I feel pretty fresh .
Because likes English ,she entered a Yahoo! Chat room ,found draped words .Occasionally she had a name to say Hi ,mercurial vapor pas cher,the man quickly replied to her words .Two people chat in English again ,he asked her name ,she said you guessed it ,then she tells him a story ,telling a lot, she asked him what is, he says he is a sailing&nbsp  ;boy ,wearing glasses ,like reading books .
He was at the other end of the earth ,and his hometown in the north, is a winter snow covered place ,so he likes snow .But has been away from home for several years ,now the winter he dared not come back ,because it is too cold .
Time passed quickly ,louboutin,not how long work time arrives, they say goodbye .After several days ,every lunch time they would like the Internet, talk with each other about the topic not to the point ,but she still didn everything he want to know .
One day, she and her colleagues playing together, suddenly received a strange phone call .A phone call from her gentle words ,he offer house ,tell their own online name ,and tells her that he called dust .
I don ,because the phone ,let her heart some acceleration ,the soft bass like rain soaked her mind .From then on ,every day they will meet, will be able to talk ,if which day can not get on the Internet ,he or she will write to tell each other .
Although no one say words like love ,but love seeds have been secretly planted ... ... His songs are very good ,by Mike that he gave her to sing many songs ,each time she would burst into tears .
,supra.. ... Every day ,she began to miss him ,sometimes online that end ,she can hear him sad voice ,just two people with great care to avoid speak their mind that look forward to .Day into January, January into a year .
.. ... It is in this disguise and missing the days passed four years ,.Finally one day ,he wrote her a message ,telling her he quickly returned home ,asked her if she wanted to see him ,if you want in the X month X day to Beijing .
Despite being in the bottom of my heart think there is such a day ,but when the moment finally comes, she is nervous .There was a sense of fear ,what is fear? She doesn ... ... She asked him ,miss each other better ,you are going to meet or to miss  ?He said  :I wanted both .
.. ... Rain is still some hesitation ,scarpe hogan,one day when they met again on the net ,she asked  : why should I go to see you in Beijing  ?Give me a reason . He said  : because I wanted to see you .
She asked  : have you ever dream of me  ? He replied  : Angel ,&nbsp  ;hundreds&nbsp  ;of&nbsp  ;times ... ... Finally she decided to go to see him ,because in her heart has been an unsolved knot ,she hopes that she can hear the answer he gave .
In those days, her mind is always the word  :See&nbsp  ;you&nbsp ,moncler;in&nbsp  ;Beijing .To love when the seed of love quietly plant ,even the lightest one duty ,will let the seeds germinate, tenaciously drilled on the ground ,supra shoes.
When the plane in the air through ,she sat at the window watching the clouds in the sun emits bright lights ,abercrombie,such as snow-capped mountains as fast, heart also raced, moved closer to him, the dream in a shadowy figure to appear in front of it, to see his moment will be how a scene  ?He spread out his arms to embrace me  ?The plane landed with the crowd ,she walked out of the airport, gaze at the airport crowd looking for arms ,saw many flowers ,but not in the photo face .
He will come to meet her  ?She walked in ,while the crowd at the exit of the search ,she finally saw the face  !He stood there with arms folded ,seemed not to see her ,she darted forward, finally he turned his eyes to the side ,she smiled and said hello to forward .
He is like a gentleman to say hello ,and then find the car .While waiting for the bus ,she always smiled shyly down ,his hands clenched package ,long hair was spread ,blocked her face ,black and white vertical stripes fell on her white skirt .
He stood beside her ,at first did not speak ,then he stretched out his hand and pressed her shoulder ,and said: is it right? So nervous  ? She didn ,still hung his head ,he nodded ,he smiled and said , I also like .
She raised her head ,stole a glance at him ,he was a nice, eight two meters tall ,standard North man ,wearing a glasses ,the eye in the smile ,the neck is a thick necklace ,if you do not know his identity ,she mistaking him for the next big the boy .
The car finally came, he in front of the crowd to see to ,she could not follow in his footsteps ,he stopped and seized her hand ,her heart was shocked ,timidly let him hold through the crowd and walk to the car .
To the car, she asked  : where are we going? He said  : you guess . She smiled and said  : I don . The car through the crowded streets ,then stopped ,when she was he led the Summer Palace to the front door, she found the answer .
The the Summer Palace and south of the garden is different, do not seem to think so beautiful ,ancient path ,less delicate and beautiful ,playing for a while, and together they sat down by the lake .
He held her hand ,fingers gently in her hand to write her name  : ,again and again, he seems to be all the feelings are poured in those two words ,it seems cans not in the dream .Don know he really missed her ,just feel the gentle strokes ,in thought .
She looked at his profile ,he looked at the lake ,some misty eyes . May I ask you a question ,moncler?This dust . Her question seemed to him for a while back to reality ,he said , OK, you ask me .
I don have half a year to suddenly disappear  ?I thought about the problem for a long time ,always want to hear your answer . Because I am wrong ,louboutin pas cher,I want to let myself not to think about you ,so I did .
I gave her half a year after half a year ,if my heart still think about you ,I will give up this fight .But after half a year ,I still can not let you go ,I think, to go along with it ,there is no right or wrong .
So I decided to come to see you . Then you lost half a year what really happened  ?Can you tell me  ? Time for me is the most painful when ,in order to find peace of mind, I began to believe in jesus .
I desperately tried to keep yourself busy ,to cool themselves, let myself forget . Why believe in Jesus  ?You are always not to believe in God  ? I want the heart has to ,but when I see the desert ,I think that people really have fate ,life all suffering is you should suffer ,.
Because of this word, her tears down a nasty brush . Also includes the hardship of missing  ? Well ,it a part of life . ... ... Time flies ,there are a couple of hours ,they will face a short reunion after the parting .
From the Summer Palace ,he took her to go for each bought ice Tang Hulu ,two child on the way such as eating ,chatting, laughing .He asked  : is it right? Hungry  ?We go to eat roast duck  ? She nodded , yes ,I also like to eat Beijing roast duck .
On their way to find a poly Ford Hotel ,little duck ,she watched him carefully pick up cakes ,roast duck sauce packets ,coated ,put onion and cucumber ,then handed it to her , ,here should be in the country is the most delicious .
The moment she felt herself into a beautiful princess ,and her prince is take care of himself .She moved to take over a bite ,the smell is seeping into the heart ... ... There are two hours she would seize the opportunity to leave ,after dinner ,they hurried to the airport .
In the waiting hall ,she was away sugar fried chestnut ,he ate two ,see more and more people, he says that we are looking for a place to sit down .Find a quiet corner ,their four eyes ,tears blurred her eyes again ,he put his hand over her ,gently on her forehead and cheek kiss, he did so holy, seem to want to in her face always engraved with his name .
He comforts her to say  : don ,you are a good take care ... ... When the tears like rain cat and dog swept down, he gently picked up her head ,kissed her tears ,his eyes welled tears also ,outlet hogan,started singing softly  : I will always love you .
.. ... Finally, his voice choked up ,she stretched out his hand ,touched his face , don .I want you forever engraved in my heart . , he said , who said I cry .I am never cries . This sentence she chuckled ,he took the opportunity to say  : Oh ,look at you ,like a child ,sometimes cry, a laugh ,go and wash your face ,I can see you cry and leave .
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Libya was declared "liberated " by the Transitional National Council (TNC) three days after Gaddafi was arrested and killed on Oct. 20, 2011. But local media reported that there were more than 1,000 pro-Gaddafi militiamen still operating in Bani Walid.

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