Jean-Claude Trichet, Vicious As Usual, Threatens EU’s Weak Members

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By Douglas A. McIntyre Updated Published

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Jean-Claude Trichet, head of the ECB, has been blamed in part for the disastrous drop in the euro and the spread of the Eurozone credit crisis which began in Greece. He should have gotten on his bully pulpit long ago, his critics say, and rallied the stronger nations in Europe and the IMF to punish nations which avoided austerity measures in favor of entitlement programs and deficits.

Now, Trichet has begun to push the pendulum in the other direction.

He told the Economic and Monetary Affairs Committee of the European Parliament that nations that did not meet their budget and debt obligations should be severely punished.

A wider spectrum of financial sanctions needs to be considered, along with non-financial and procedural sanctions, such as more stringent reporting requirements or even a limitation or suspension of voting rights.

Put another way, Germany will keep its voting rights. Greece will not. The average Greek citizen will strike over that decision just the same as he will when he loses his exorbitant salary and pension.

Douglas A. McIntyre

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About the Author Douglas A. McIntyre →

Douglas A. McIntyre is the co-founder, chief executive officer and editor in chief of 24/7 Wall St. and 24/7 Tempo. He has held these jobs since 2006.

McIntyre has written thousands of articles for 24/7 Wall St. He is an expert on corporate finance, the automotive industry, media companies and international finance. He has edited articles on national demographics, sports, personal income and travel.

His work has been quoted or mentioned in The New York Times, The Wall Street Journal, Los Angeles Times, The Washington Post, NBC News, Time, The New Yorker, HuffPost USA Today, Business Insider, Yahoo, AOL, MarketWatch, The Atlantic, Bloomberg, New York Post, Chicago Tribune, Forbes, The Guardian and many other major publications. McIntyre has been a guest on CNBC, the BBC and television and radio stations across the country.

A magna cum laude graduate of Harvard College, McIntyre also was president of The Harvard Advocate. Founded in 1866, the Advocate is the oldest college publication in the United States.

TheStreet.com, Comps.com and Edgar Online are some of the public companies for which McIntyre served on the board of directors. He was a Vicinity Corporation board member when the company was sold to Microsoft in 2002. He served on the audit committees of some of these companies.

McIntyre has been the CEO of FutureSource, a provider of trading terminals and news to commodities and futures traders. He was president of Switchboard, the online phone directory company. He served as chairman and CEO of On2 Technologies, the video compression company that provided video compression software for Adobe’s Flash. Google bought On2 in 2009.

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