(Reuters) – “The high oil price could strangle efforts to get the global economy back on its feet and may also hamper Asia’s ability to help the West exit its crisis, the International Energy Agency’s chief economist said on Thursday.”  

Fatih Birol has more insight into Europe’s debt crisis and its stalling economy than these so-called European leaders who are still believing Santa Claus will bring back economic growth.
All efforts to shift the debts to the ECB or set up a system of eurobonds continue to vicous spiral of more indebtedness. In a time where we are entering the perfect storm of increasing resource scarcity, economic growth as we have known it will not kick in again just by the waving of a magic want.