Brendan Moynihan from Bloomberg gets it all wrong:
"... The European Union’s sovereign debt crisis has markets predicting another default. Credit default swaps for Ireland, Portugal and Spain resemble those for Greece earlier this year.
The problem is that European countries can’t depreciate their way out of debt problems -- they forfeited that option when they joined the euro..."
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Comment: Devaluation is not a solution. It is excacerbates the problem. Just look at Argentina, Brendan.
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