"The game is all but over for the weaker countries – Greece, Ireland and Portugal. Vulnerable countries – Spain and Italy – are now being relentlessly hunted down. The stronger countries – France and Germany – no longer look secure, immune from the problems. It is time to admit that the “lifeboat” isn’t big enough for everybody and throw Greece, Ireland and Portugal out (read debt restructuring), concentrating efforts on salvaging Spain and Italy. Whether the EU have the stomach for this is difficult to tell, although self-preservation is a powerful motivator, especially for politicians. Whatever happens, the European debt crisis remains a key risk to the global economy."
Tuesday, August 16, 2011
Quote of The Day
Echoes of the Titanic and 'not enough lifeboats':