“The rise in the [Spanish] 10-year yield well beyond 7% carries a very distinct reminder of events in Greece in April 2010, Ireland in October 2010 and Portugal in February 2011,” said analysts at Bank of New York Mellon. “In each case, a decisive move beyond 7% signaled the start of a collapse in [...]
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Voter and leftist politician resistance to so-called “austerity” will result in backsliding of many socialist governments to liberal reforms. From the Eurozone to the BRICs, a current meme among politicians and the press is that austerity is not the path to economic growth and recovery, but rather suspension of reforms and continued [...] We have been so critical of the euro, the ECB, and the spendthrift socialist states in the eurozone that perhaps we have missed something important. On the one hand, things haven’t worked out as envisioned by the Maastricht Treaty and there is a lot of political upheaval in Europe. Another way to look at it [...] |
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