As Europe’s economy teeters on the edge, Polish Foreign Minister, Radoslaw Sikorski, made a dramatic plea to Germany.
“It’s not terrorism, it’s not the Taliban, it’s certainly not German tanks… it’s not even Russian missiles which President Medvedev has just threatened to deploy on the EU border. The biggest threat to the security and prosperity of Poland today would be the collapse of the eurozone. And I demand of Germany that, for your own sake and for ours, you help it survive and prosper. You know full well that nobody else can do it.”
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Sikorski also believes a breakup of the eurozone would be a “crisis of apocalyptic proportions.”
“I fear German power less than I am beginning to fear German inactivity.”
He didn’t tell his German audience what he’d like them to do, but Poland has, in the past, supported the introduction of euro bonds.
Poland is far from alone in worrying about its economy…
At an auction of three-year debt on Tuesday, Italy was forced to pay a record of almost 8%. That’s up from just below 5% a month ago – and 1% more than the figure regarded as unsustainable.
But there’s one bright spot:
“They wanted to sell a maximum of eight billion and they sold 7.5 billion. We saw a very bad auction result from Germany a little while ago where they didn’t manage to sell everything they wanted. So this at least was positive and taken as slightly positive by the markets, which picked up a little bit on the back of it.”
France is also feeling the squeeze following reports it might lose its AAA credit rating within days. French media is reporting ratings agency that Standard & Poor’s could soon change the country’s outlook to negative.
If that happened, France, like Italy, could find itself facing a surge in borrowing costs, further increasing its debt burden.
Bottom line: Polish Foreign Minister, Radoslaw Sikorski, delivered an impassioned plea to Germany to save the eurozone. Italy also came under more market pressure and France faces a potential downgrade.