how the piigs could muck in with eurozone 2012
The eurozone is seemingly on its last legs, all else has failed so why not host a PIIGS Euro 2012 fundraiser jamboree?
The eurozone is seemingly on its last legs, all else has failed so why not host a PIIGS Euro 2012 fundraiser jamboree?
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Greece will leave the euro – the debate is now when not if – but as the rest of Europe is better placed now to deal with it, it is time to consider slowly allocating investors’ risk budget to the continent.
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Many of the recent European elections have been two-stage affairs, with stage one as a protest and stage two something more rational – the exception is in Greece where everything is a protest.
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With the unveiling of a newly-Socialist France and an indecisive Greece, investors might be feeling justified in having sold out of European equities in recent weeks.
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Jim Leaviss praises the fact the European Central Bank is no a democratic organisation while warning this is not the only time Greece will default.
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John Husselbee describes this as “one of the best early year gains”, for the FTSE All Share at least, though warns that just because a deal over Greece has been done, Athens will return to haunt investors.
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The overnight announcement of a bailout package from the eurozone finance ministers leaves Greece no better off today than they were yesterday.
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European ministers are adamant that austerity measures the Greek government agreed a matter of days ago does not go far enough.
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Greek Prime Minister George Papandreou is to help form a new colaition government but will not be its leader.
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An international not a single-country approach is needed to solve Europe’s sovereign debt crisis.
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Talk of an “organised” default in Greece doesn’t change the fact that it is still a default.
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Ratings agency Moody’s has cut Portugal’s long-term government debt to below investment grade.
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