“In our view, even that limited plan may fail and once it fails it is not obvious that the international community at that point is going to ‘double down’ after having committed up to €600-€800 billion,” “At that point, orderly debt restructuring in Italy and Spain may become the right thing to do and eventually if the eurozone is not sustainable the idea of first Greece and Portugal but then of Italy or Spain exiting the eurozone cannot be ruled out.”
this could occur by the end of 2013 or in the opening months of 2014. - in www.fundweb.co.uk
3 comments:
Saranno soldi buttati nella pattumiera, ve lo assicuro. Sono almeno due anni che ripeto al vento queste cose e nessuno mi ascolta.
What we all love about economics and economists is that everything is 2-4 years off. Nothing is precise, nothing really accurate!
Economists historically have been compared to weathermen, but climatology has improved so much with satellite feeds that the new comparison should be with seismologists, i.e., "someday a major event will occur".
nice post
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