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After more than two years of tension, the coming days are seen as a turning point that could determine whether Europe's fiscal ties grow closer or fray.
Mario Draghi said the ECB stood ready to take fresh steps to deal with the crisis, but was unable to deploy its financial arsenal before leaders took steps to agree closer fiscal ties.
"Talk that European countries were discussing bilateral treaties to strengthen fiscal ties across the current monetary union seems to be easing tensions somewhat this morning, and driving a sizable sell-off in the U.S. rates markets," Guy LeBas, the chief fixed-income strategist for Janney Montgomery Scott, wrote in a research note.
Now comes the news -- reported by the columnist Robert Novak -- that John Huang, the convicted Clinton-Gore fund-raiser, repeatedly took the Fifth Amendment in November when questioned in court about his alleged fiscal ties to Republicans, including Senator Mitch McConnell, the No. 1 opponent of the John McCain crusade for campaign finance reform that Mr. Bush has yet to credibly embrace.
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Both senators have political and financial ties to Amgen, as does Mitch McConnell, the Senate minority leader, who exerted great influence over the fiscal negotiations and praised the Medicare provisions.
Prime Minister George Papandreou's government has struggled to rein in rampant tax dodging and is under acute pressure to begin selling off state assets to help Greece meet fiscal targets tied to last year's 110 billion euro EU/IMF bailout.
In terms of good news, it is on a par with the recent budget deal that promises an end to the seemingly endless fiscal crisis tying Congress up in knots.
She is adamant that the EU fiscal pact, which ties government spending very tightly to government revenue, will not be renegotiated.
In the United States these fiscal realities are tied to the impact of the most recent economic recession coupled with declining property and tax revenues.
Mr Mackowiak calls Mr Cruz the "Terminator" because he offers fiscal conservatism, libertarianism, a tie to Hispanics with his Cuban roots and the "courage of his convictions" all in one "very, very, very smart" bundle.
In this year's budget, he promised to introduce even more spending cuts over the coming years, and, in his Autumn Statement, he talked of introducing a new austerity-based fiscal compact that would tie the hands of his successors.
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