This tag is associated with 8 posts

The Euro in Southern Europe – Human sacrifice to save the political project Nigel Farage says

One thing I know for certain is that this year the EU elite will go on forcing the peoples of  southern Europe to suffer in the name of the euro. No matter how much the Greeks, Italians, Portuguese, Spanish and French suffer, the elite in Brussels, Frankfurt and Berlin will go on telling them that … Continue reading

Spain / Should the euro be abandoned ?

The mind goes numb. Spanish unemployment jumped by another 237,000 people in the first quarter to 6.2 million, or 27.2 per cent. The country is losing 3581 jobs a day. There are 1.9 million households where no member of the family has a job. The unemployment rate has reached 36.8 per cent in Andalusia, Spain’s … Continue reading

Greece – Underground Economy Grows. Is there a link with the Euro crisis ?

Greece does not have the means to police its underground economy, which is considered very large compared to the size of the country. Austerity measures that cut the size of government will make enforcement of tax laws even more difficult. That is too bad because there is a lot of money to be had if only Greece could get cash … Continue reading

United States has its own money, the dollar, while Spain operates on foreign money, the euro, why ?

Why can the U.S. government borrow at some of the lowest interest rates ever, while Spain can only borrow at exorbitant rates that threaten to drive it into bankruptcy? The difference isn’t their debt and deficits. In 2011, U.S. debt was 98% of GDP, its deficit 10% of GDP; Spanish debt was 69% of GDP, … Continue reading

How will Italy go out of euro purgatory ?

Antonio Fazio, the disgraced former governor of the Bank of Italy, warned half-jokingly in 1998 that the euro would not be paradise but a “purgatory” that would demand years of pain and sacrifice. Currently appealing a conviction for improperly trying to influence a bank takeover in 2005, Fazio is not much listened to these days, … Continue reading

Krugman on Euro | Apocalypse Fairly Soon

Suddenly, it has become easy to see how the euro — that grand, flawed experiment in monetary union without political union — could come apart at the seams. We’re not talking about a distant prospect, either. Things could fall apart with stunning speed, in a matter of months, not years. And the costs — both … Continue reading

What is the price to save the Euro : Isn’t Worth Saving writes Matthew O’Brien

Welcome to life in a suboptimal currency area. After all, countries that share a currency also share monetary policy. If they don’t share fiscal policy too — that is, there is no centralized treasury — they can get into trouble. Just ask Europe. But as Christian Odendahl at The Economist points out, this also means that … Continue reading

Soros | Euro crisis could destroy the EU

Billionaire George Soros warned on Monday that the euro crisis is growing deeper, tearing at the fabric of European Union cohesion, because policymakers are prescribing the wrong remedies. “I’m afraid that the euro crisis is getting worse. It’s not over yet, and it is going in the wrong direction,” Soros said in discussion with Denmark’s … Continue reading

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