Time to act against financial gamblers

In view of the news of crisis from Greece, Dubai and Japan, the left-liberal daily Frankfurter Rundschau criticises the lack of action being taken by the EU: "What exactly has been done in Brussels since February? Has the Eurozone introduced new rules for rescuing countries in difficulty? If so we wouldn't need to fear renewed speculation against the euro. Have hedge funds been regulated and controlled by driving them from tax havens? Have short sales been banned? Of course not. Have our politicians enforced transparency on credit derivatives and subjected them to compulsory exchange trading? Far from it. ... Yet they should know that the risk tolerance of states like Germany or the US is at an end. Billions of dollars for banks, recovery and businesses are no longer on the cards, and the only alternative is state crisis. Anyone who wants to avoid that must take brutal action against financial gamblers, and now."

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