Portugal and Greece are NOT the problem, but the symptom. These huge external deficits are simply the more acute symptom of the "German exporters take it all" syndrome which plagues the entire Eurozone, with the help of export financing from overleveraged German banks busily recycling modern day "petrodollars-an-Main"
Meanwhile Merkel is resorting to illusionist politics, berating Germany's trading partners for excessive Government deficits and debt (but not imports) downstage center in order to distract German taxpayer from the need to absorb the banking losses in the upstage corners.
And this time they can't call it the "soli tax".
See
Testing the Limits of Divergence
http://ppplusofonia.blogspot.com/2011/12/eurozone-crisis-tests-limits-of.html
The gold standard all over again
http://rwer.wordpress.com/2011/10/11/meanwhile-in-europe-20-current-accounts-french-history-repeats-itself-in-germany/
But German exports to the Eurozone are finally falling
http://www.ft.lk/2011/12/10/german-exports-post-sharpest-fall-in-six-months-surplus-dips/
Ferrostaal pays penalty on corruption sale of submarines to Greece and the trial on the sale to Portugal continues in Munich court
http://www.wikigreeks.org/node/3345
Meanwhile Merkel is resorting to illusionist politics, berating Germany's trading partners for excessive Government deficits and debt (but not imports) downstage center in order to distract German taxpayer from the need to absorb the banking losses in the upstage corners.
And this time they can't call it the "soli tax".
See
Testing the Limits of Divergence
http://ppplusofonia.blogspot.com/2011/12/eurozone-crisis-tests-limits-of.html
The gold standard all over again
http://rwer.wordpress.com/2011/10/11/meanwhile-in-europe-20-current-accounts-french-history-repeats-itself-in-germany/
But German exports to the Eurozone are finally falling
http://www.ft.lk/2011/12/10/german-exports-post-sharpest-fall-in-six-months-surplus-dips/
Ferrostaal pays penalty on corruption sale of submarines to Greece and the trial on the sale to Portugal continues in Munich court
http://www.wikigreeks.org/node/3345
Ver Mariana Abrantes na Comissão Executiva no canal ETV
ResponderEliminarOn the new proposed fiscal rule for the Eurozone:
ResponderEliminarNice rule, lots of numbers, pity about the wrong target.
Why don't they try to do something about the "shocking, shocking" and in Krugman's words "massive, massive" Current Account external imbalances?
Os gestores da Ferrostaal já foram condenados na Alemanha por corrupção na venda de submarinos à Grécia e a Portugal.
ResponderEliminarMas a Justiça não viu nada em Portugal, segundo diz o PGR.
A Justiça em Portugal deve ser cega, surda e muda, para não dizer pior.
Será que não há ninguém na PGR que saiba ler alemão?
O Procurador-Geral da República (PGR) refutou a tese de que a economia portuguesa funciona mal por culpa dos tribunais e deste tipo de crime.
http://www.jornaldenegocios.pt/home.php?template=SHOWNEWS_V2&id=526487
http://www.jornaldenegocios.pt/home.php?template=PESQUISA_SIMPLES_V2&buscador=1&match=3&txt=submarinos&tit=PESQUISA&dias=365