Clown-Free Zone... sorry, no clowns allowed Message Board

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Pastimes : Clown-Free Zone... sorry, no clowns allowed

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To: mishedlo who wrote (183626)	7/25/2002 8:26:34 PM
From: Haim R. Branisteanu	Read Replies (2) of 436258

It means that the EUR is in trouble even that the market refuses to see it. What can Portugal do ? Will they send all the Portuguese people to the "corner" like in primary school ? The issue is that to gain credibility to the EUR all countries agreed to very strict "stability" figure similar to what was at the time in Germany and France e.g. low inflation (below 2% and low budget deficit ... or better said NO budget deficits with 3% as the trigger point) The issue is will a nation obeyed to such strict rule when they go against the fabric of their own social order ? I do not think so. Spain lied in their budget just to stay below 3% Germany, Italy and France are close to 3% of GDP in their budget deficit and with sluggish economy teetering into recession those deficits will only grow and as such the ECB will need to print money or the respective government issue more bonds which will increase interest rates. The key is who is in relative better shape the US or EZ ...... presently I think the stink in the EZ only starts to come out.

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