Eurozone Crisis: Standard And Poors Downgrades Euro Bailout Fund

By changing its name from EFSF to ESM and creating another vehicle will not detract from the fact that by buying increasing amounts of debt from countries totally ill equipped to repay their present repayments­, it will not save the present situation.



The first and most fundamenta­l change has to come from firm foundation­s of how does the country receiving any bailout fund repay the amount they borrow. They need trade contracts that are secured with the funds not idle promises of support.
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