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?
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.
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.
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.
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.
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.
The overnight announcement of a bailout package from the eurozone finance ministers leaves Greece no better off today than they were yesterday.
European ministers are adamant that austerity measures the Greek government agreed a matter of days ago does not go far enough.
Greek Prime Minister George Papandreou is to help form a new colaition government but will not be its leader.
An international not a single-country approach is needed to solve Europe’s sovereign debt crisis.
Talk of an “organised” default in Greece doesn’t change the fact that it is still a default.
Ratings agency Moody’s has cut Portugal’s long-term government debt to below investment grade.