Opening Quotes: ‘Here Come The Historians’

Thoughtful article comparing the events that precipitated the collapse of the ‘Rouble-zone’ with the EU.

Ending the week disappointed with rhetoric surrounding the Spainish banking recapitalizations & prospective deposit guarantee scheme – I think the core is the problem.

It was never going to be easy, but I sense – once more!? – the markets <relief> rally has inadvertently endorsed ‘the fudgers’ self-confidence.

Back on the defensive until the crisis takes another – deeper – twist.

http://www.bloomberg.com/news/2012-06-07/euro-breakup-precedent-seen-when-15-state-ruble-zone-fell-apart.html

The lesson for the EU is that it should be watching closely what Germany is doing, and be wary of calls for a smaller euro zone, or a “two-speed Europe,” Krastev said. Unions don’t break up because of troubles in peripheral countries, they break up from the core, he said.

“Disintegration doesn’t occur because everyone wants to go their own way,” said Krastev at the think-tank in Bulgaria. “It happens because politicians envisage a closer, optimal union. This crisis is already reducing the borders of solidarity. The EU space is going to be renegotiated.”

Advertisements
Tagged , , , , , , ,

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Google+ photo

You are commenting using your Google+ account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s

Advertisements
%d bloggers like this: