Tuesday, Jan 29, 2008
The key difference is that the ECB rescue operation in Spain has been disguised.
caporal.info: The IMF has warned that this gap in the architecture of of the single currency could prove serious in a crisis
Spanish corporate debt is now 112pc of GDP. The current account deficit is 10pc of GDP. These are both flashing red warning signs
Posted by dangerous trading @ 07:33 AM (227 views) Add Comment
1 Comment
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1. japanese uncle said...
Mr Owen said Spain was acutely vulnerable since it cannot cut interest rates or let the currency slide to cushion the downturn. "Several years of no growth could now beckon. It will be very difficult for the economy to pick itself up again inside EMU,"
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Another proof that Euro is a joke, totally prohibiting each sovereign government to locally respond to their local problems. Anyway 'several years of no growth' is simply too optimistic. 10 years of recession coupled with deflation is more likely.