source:dawn.com
Stronger action is needed to tackle the two-year-old eurozone crisis. Certainly, the formation of technocrat-led unity governments in Italy and Greece is a step forward. But the markets appear unconvinced amid concern that the crisis is spreading from heavily indebted Greece and Italy to Europe`s `core` nations, including Austria, Belgium and France. Both Lucas Papademos, the new Greek prime minister, and Italy`s new leader Mario Monti, who has replaced the quixotic Silvio Berlusconi, are well-respected men whose competence is undisputed. But the challenge they face in nursing their countries` finances back to health should not be underestimated. Greeks are angry and frustrated at the unending list of austerity measures being prescribed by the European Commission and the IMF. Many Italians are delighted to see the back of Mr Berlusconi. But Italy`s squabbling politicians will not make life easy for Mr Monti`s reform project. Both men will have to work hard over the next few weeks to restore confidence in their embattled economies.
Categories: Europe