Tuesday, July 13, 2010

Niall Ferguson Greece in Death Spiral Europe Still in Deep, Deep Trouble

Niall Ferguson : The whole (EU) thing will fall apart

Unlike the US dollar , the Euro is a a single currency based on a monetary union without a fiscal union , says Harvard Professor Niall Ferguson , when the Germans were asked early this year to bailout the Greeks they said No why should we , so there is no mechanism to transfer the wealth from the wealthier states in the EU to the poorest ones ....Harvard professor Niall Ferguson who just returned from Athens Greece says that Europe has still not dealt sufficiently with what started the euro crisis -- Greece. Even after a trillion-dollar bailout from the ECB, IMF and European countries its problem is completely still unresolved."Greek economy is contracting at a really high rate, there's no sign of recovery. If anything, it’s a death spiral." Niall Ferguson says

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