DAY 1: EU

EU began its session with the debate on the first agenda, forging mechanisms to solve sovereign debt crisis. The heated debate was focused on clashes between two parties; those in favor of the Eurobonds and those arguing for bailouts. The delegate of IMF and other PIGS nations supported the idea of using Eurobond to solve the current crisis, but their arguments met with challenges by other developed nations, especially the delegate of Italy. The heated debate began with two speaker’s list being totally full, each with 10 delegates entertained. After the second list had expired, the chair had to open up another speaker’s list where 8 more delegates were added. The debate continued, with one right of reply being introduced. The right of reply was sent from the delegate of International Monetary Fund to the delegate of Italy, arguing that the delegate of Italy had ignored IMF’s efforts to solve the current financial problem. However, the delegate of Italy refused to give an official apology and the two delegates’ tension continued throughout the first day’s session. The heated debate continued, with no clear results made in solving the debt crisis.