Eurozone unity is questioned as European Central Bank official
Juergen Stark of Germany, resigns. The departure of a top
official could not have come at a worse time and underscores
the lack of unity regarding how to act to sten an escalating
debt crisis.
The euro dropped against the dollar, reaching a six month
low German and US government bonds also increased in value
as investors sought safer assets amid nervousness over the
planned Greek debt swap.
The European Central Bank is the last bine of defense and is
the sole authority responsible for fiscal policy across the
nations that use euro currency. It is also the institution
that lent captial totroublenations in the past to avoid a
default on their bonds.
Stark's departure signals a growing rift between Germany
and the rest of the field on how to deal with a lingering
debt crisis.
Sheila McKinney
