The Eurozone debt crisis has waged on for well over a year. Many experts are starting to become very nervous about the state of mainland Europe. Politicians have tried to resolve the continent’s problems, but to no avail. They said that they are going to need to need to take serious measures to address the fundamentals problems facing the rest of Europe.
For the duration of the debt crisis, Europe’s politicians have called for austerity and bailouts. In effect, the two efforts may have been working against each, leaving the Eurozone treading water. However, the real crisis continues to get worse.
Politicians have started to call for more urgent action. A couple of months ago, they have said that a financial calamity could be months away. Their warnings have become increasingly dire. They now warn that a major crisis could take place within a matter of days, according to minutes from the G20 summit that recently took place in Mexico.
It is possible that European politicians will find a resolution to the debt crisis. However, experts insist they are going to need to take a new approach and will need to so fast.
History has shown that financial crises tend to be sparked during the summer months. Three of the worst financial crises of the 20th century took place between June and September. Ominous signs are arising which warn people that the Eurozone could be on the precipice of disaster this next month.
Economists have shown that the Great Depression and other financial disasters could not be avoided by addressing the technical problems ailing the global economy. However, politicians continue in their efforts to focus on these issues. Where does this leave the United Kingdom and the global economy? Only time will tell.
One thing is certain. The Eurozone’s central bank and politicians will need to work fast to prevent a full scale depression that could engulf the entire world.