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Spanish Voters Will Force The Government To Dissolve Before Major Austerity Measures Can Be Passed, French Budget Minister: Keeping Our AAA Rating Will Be A "Stretch"
In this widely watched BBC video, Hugh Hendry of hedge fund Eclectica Management recommends the world panic over the ongoing European debt crisis and then the group debates whether perpetual bailouts and a much longer slowdown are preferable to a real purging of the system and a much shorter recession that would also see major reforms.
At about the 3 minute mark, you’ll hear Hendry call for the system to be purged,
Let’s take on a recession. It’s going to be tough. People are going to lose their jobs. They’re going to lose their jobs anyway. We can spread this over 20 years or we can get rid of it over 3 years.
France admitted on Sunday that keeping its top-notch credit rating would be "a stretch" without some tough budget decisions, following German hints that Berlin may resort to raising taxes to help bring down its deficit.
Euro zone trade unions are preparing for possible confrontations in the coming week if governments impose austerity measures or labor reforms unilaterally.
Originally posted by Vitchilo
reply to post by GreenBicMan
Of course I was. It's either it goes back up to 1.42 or it'll die shortly. Have you not seen my thread about the last week-end of the euro?
Anyway Bilderberg is this week, so we might get more information on what they are planning for the euro.
Eurozone jobless rate hits record high
Anyway, even if the economy recovers, in Canada we are screwed because of health care is about to be bankrupt and the pensions are bankrupt. So I don't really care.
The euro will drop even further against the dollar because Europe's problems will not be easy to solve, Dennis Gartman, author of "the Gartman Letter," told CNBC Tuesday.
The Bank of Canada gave no guarantee it would continue hiking its overnight target rate, which it had kept at an emergency low of 0.25 percent since April 2009, saying the European debt crisis and uneven global recovery clouded its confidence in a sustained recovery.
"Given the considerable uncertainty surrounding the outlook, any further reduction of monetary stimulus would have to be weighed carefully against domestic and global economic developments," the central bank said in a statement.
London's FTSE was 2.1% lower at 5,080.71 points. In Paris, the main Cac index lost 2.2% to 3,430.78 points.
Frankfurt's Dax index was 2% lower at 5,844.68 points and the Spanish Ibex lost 3.2% to 9,065 points.
BP's share price fell dramatically following its latest failure to stem the oil leak in the Gulf of Mexico.
But investor confidence was also hit by negative economic data out of Europe.
The eurozone reported its highest rate of unemployment since the adoption of the single currency.
Hewlett-Packard is cutting 9,000 jobs - AP