Posts Tagged ‘Société Générale’

Collapse Of The Euro Is ‘Inevitable’: Bailing Out Greece Is Futile, Says French Banking Chief

SHOCK: Collapse Of The Euro Is ‘Inevitable’: Bailing Out Greece Is Futile, Says French Banking Chief

Courtesy of The Daily Bail, citing the Daily Mail

Euro Dollar Currency

Finally some good sense from the Euro Block.  With an economy 1/14th the size of Germany’s, Greece shouldn’t be a part of the ECU.  Do not bail.  Bring in the IMF, force some actual austerity on the free-spending Greeks and kick them out of the currency union, so they have some flexibility with monetary policy.

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The European single currency is facing an ‘inevitable break-up’ a leading French bank claimed yesterday.

Strategists at Paris-based Société Générale said that any bailout of the stricken Greek economy would only provide ‘sticking plasters’ to cover the deep- seated flaws in the eurozone bloc.

The stark warning came as the euro slipped further on the currency markets and dire growth figures raised the prospect of a ‘double-dip’ recession in the embattled zone.

In a note to investors, SocGen strategist Albert Edwards said: ‘My own view is that there is little "help" that can be offered by the other eurozone nations other than temporary, confidence-giving "sticking plasters" before the ultimate denouement: the break-up of the eurozone.’

The alarming claim came a day after European Union leaders promised ‘determined and co-ordinated’ action to shore up Greece’s tattered public finances, but disappointed traders by failing to provide specifics.

The European single currency is facing an ‘inevitable break-up’ a leading French bank claimed yesterday.

Strategists at Paris-based Société Générale said that any bailout of the stricken Greek economy would only provide ‘sticking plasters’ to cover the deep- seated flaws in the eurozone bloc.

The stark warning came as the euro slipped further on the currency markets and dire growth figures raised the prospect of a ‘double-dip’ recession in the embattled zone.

Continue reading at the Daily Mail  >>


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