Monday, January 12, 2009

Putting the "S" in PIGS

Divergence of Iberian and Mediterranean peripheral economies in the Euro area continues. How long until the core countries are forced to placate an angry populace?

The prospects of a "Good Euro" and "Bad Euro" and/or continued pressure for policy measures up to and including seceding from the Maastricht treaty and Euro area are more probable, especially in this environment of competitive devaluation, blatant mercantilism, etc.

"Ever-closer Union" indeed...

By Victoria Richards
Jan. 12 (Bloomberg) -- Spain’s long-term sovereign ratings
may be cut by Standard & Poor’s Rating Services which cited
“significant challenges” facing the Spanish economy.

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