Sur fond de crise des dettes, la Bourse de Paris plonge de plus de 4,5 %. Crédit Agricole, Société générale et BNP Paribas dégringolent (are slumping) de plus de 10 %.Investors in Shanghay and Tokyo are selling at any price, trying to salvage anything they can. A bad day all over the world, not excepting Tel Aviv.
At this point the Euro is the prison of nations, condemning Greece, Portugal, Spain, Italy, Ireland to decades of ruin. Ten years ago, Argentina broke the chains of dollar parity that had plunged that country into a 30s scale depression. The economic rebound has been stunning.
4 comments:
This crisis is unnecessary, that is the worst of it.
Anon.
The new Greek famine was engineered by Germany.
Powerful forces are gathering strength in Germany, and to a lesser extent in the UK, driven by the realization that the game is up.
Greece might well be pushed out, and this would be better for them and the rest of the EEC.
But in the end, the whole of southern Europe will have to form a second tier kind of zone, with a currency decoupled from the more solvent economies.
Anon.
I would not call Argentina's recovery exactly stunning - no one will mistake it for Switzerland. Crappy countries remain crappy countries regardless of the currency they use. But weak economies are better off with with currencies so that their leaders can inflate their way out of debt repayment. Greece was always a crappy country too, but at least you used to be able to take a cheap vacation there. Now you can't even do that.
K
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