Monday, February 15, 2010

Collapse of the euro is 'inevitable': Bailing out the Greek economy futile, says FRENCH banking chief

Link

"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.
The bailout of Greece will only act as a 'sticking plaster' for the Euro crisis, the bank warned today

Claims that the euro could be headed for total collapse are particularly striking when they come from one of the oldest and largest banks in France - a core founder-member.

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.'"

1 comment:

Jamie said...

That makes me happy that Britain kept the good old £££. There's a reason that the saying "sound as a pound" has been around for so long! Maybe we'll be able to afford a European holiday after all?