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The global market headed south-- while some European policymakers were out of town. The Wall Street Journal reports..
“Europe takes its traditional long August break seriously. That's why a host of powerful people were out of town for this week's market upheaval—complicating the region's response to its debt crisis and drawing criticism of leaders who might rather be at the beach.”
“ Nicolas Sarkozy the French President is in Riviera. Italian Prime Minister Silvio Berlusconi is staying his villa in Milan.” (BBC)
Sarkozy is back in Paris now for an emergency government meeting--
And UK Prime Minister David Cameron cut his vacation short as well-- because of the London riots rather than the market mess.
German chancellor Angela Merkel has returned from her vacation in Italy too-- but she’s staying out of sight.
“...but she’s showing no real sense of urgency, staying on vacation and away from the Chancellory here despite more than a week of devestating turbulence on financial markets. “ (Al-Jazeera)
The British Foreign Secretary argues--- leaders don’t have to be in the office to do their jobs.
Foreign Secretary William Hague : “We’re not in the 18th century. Everyone is constantly in touch by telephone or whatever means necessary.” (Sky News)
And an Economist blogger says, even leaders deserve vacations - but come on - how can you lead a nation while vacationing under the Tuscan sun, by the beautiful Big Blue ?
“Very soon, as the days grow shorter and the rains return, leaders could face a momentous decision. Should they allow countries to default and break the currency union? Or should they try to save the euro by creating an unpopular fiscal union, complete with jointly backed Eurobonds? The thought of it is enough to spoil your holiday.”
The Wall Street Journal reports-- President Sarkozy and Chancellor Merkel are set to meet next Tuesday in Paris to talk about the financial crisis.
Transcript by Newsy.
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