“While welcomed by European leaders, the award will have little practical effect on the debt crisis afflicting the single currency zone, which has brought economic instability and social unrest to several states, with rioting in Athens and Madrid. On the streets of the Greek capital, where demonstrators have burned Nazi flags to protest against German demands for austerity, the award was greeted with disbelief. The prize, worth $1.2 million, will be presented in Oslo on December 10. It was not immediately clear who from the EU would be there to collect the check and what it would be spent on.”
http://www.reuters.com/article/2012/10/12/us-nobel-peace-idUSBRE89A1N820121012
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