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Any way you slice it Germany wins.
1echidna
Posts: 23,086 Forumite
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IMF head: Europe must fix banks, become more unified
http://www.reuters.com/article/2012/06/09/us-imf-lagarge-speech-idUSBRE858005201206090 -
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I was disappointed this wasn't about football!0
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I thought Gordon Brown [STRIKE]saved the world[/STRIKE] fixed the banks.IMF head: Europe must fix banks, become more unified"It will take, five, 10, 15 years to get back to where we need to be. But it's no longer the individual banks that are in the wrong, it's the banking industry as a whole." - Steven Cooper, head of personal and business banking at Barclays, talking to Martin Lewis0 -
Whilst Britain invested in financial engineering, Germany invested in real engineering.
PS: Maybe Germany's bankers don't fund the political parties, and hire politicians (like Blair), as they do in Britain?“It is difficult to get a man to understand something, when his salary depends on his not understanding it.” --Upton Sinclair0 -
Increasingly I fear this won't have a happy ending.
The talk is about Germany not wanting to have Eurobonds until they have enough control over the other countries finances to stop them frittering them away on vote winning but wasteful stimulus programmes - which to be fair to Germany is exactly what would happen.
But let's say Germany gets their way and imposes tight financial EU controls. Then it finally issues Eurobonds which countries use only to fund their debts. The problem is even that is only a temporary measure. The fundamental problem is that the Euro is too overvalued for the PIIGS to ever properly recover, and as long as Germany is in it I can't see that changing.
The best thing Germany could do for the PIIGS would be for it (and perhaps some of the other stronger economies) to leave the Euro. However as that is the source of their economic boom it will never happen.
Instead all we have to look forward to is a succession of large and ultimately pointless temporary bailouts. Bailouts buy time to implement a permanent solution but no progress has been made on that so far. In fact it does not even seem to have been discussed.0 -
The best thing Germany could do for the PIIGS would be for it (and perhaps some of the other stronger economies) to leave the Euro.
+1.
Compare Germany to the UK. They have a strongt manufacturing base. We have overleveraged financial companies and some of the biggest mortgage debt in the developed world as percentage of income. Don't fancy OUR chances much...!0 -
Dont't worry Germany wants Frankfurt to take over London as the European centre for financial trading.0
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London has been a global trading centre going back 100's of years, it's the one thing we have left that is truely world class. It doesn't stop or discurage other economic activities. Unfortunately most of the growth in the UK has been artificially created by the previous government by encourageing a consumer boom through borrowing and increasing government spending.0
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