Europe Europe Europe..
As per the remarks of Joseph Shumpeter great economist
“The monetary system of a people reflects everything that the nation wants, does suffer is “
The crisis in Europe is much more than the Euro. Simply because the sovereign bonds, share prices and banks swoon and global recession is knocking on the door.
The EURO will never be safe unless Europe answers some basic fundamental questions that it has been running from many years.
It seems like By the end of this week, indeed, the governments of all five countries in the PIIGS grouping (Portugal, Ireland, Italy, Greece and Spain) will have changed since the start of the crisis if, as expected, the ruling Socialists lose power in Spain. The prospects for economic reform in the peripheral European countries look a lot stronger than before.
Most of the Chief economist anticipating the A Spanish Or Italian Default Could Happen In A Few Short Days.
It seems Italian bonds are now worth muffin stumps and EcB has turned out to be a Newman.
The only Silver lining is ECB
End of the Euro as we know it? Yes! End of the Euro-Project. Definitely NO! Until German heart is still beating, noone will give up until it stops including Poles . Poles already took Greek bank Polbank under their FDIC equivalent to help Greeks as well to protect its customers. So, not so fast dude!
Rahm once said: ‘never let a crisis go to waste’! Let’s hope this one will not be wasted!