i like to comment about your post (without reading your link). INA is now recovering well but was slow to pick up when compared to other little tigers (S. Korea, SG, vietnam, phillipine, etc). This is not too bad, it say INA had a bigger renovation than the other lil tigers. I do not think euro recovery would be similar in recovery of the asian crises. Why? this is because Asians are savers, more acceptance to austerity measures and weren't living high hog in the first place. The PIGS tho, were conditioned to entitlements, many not savers and were living off the gov't handouts. What industry that would help the greek to recover? my colleage return vacation from greece and i asked him what do they export. He said olive oil, wine and bread. How can these type of business compete with SE Asian countries to have similar recovery???
Cooler, for once you have got it right. How insightful. I once saw a documentary about Chinese entrepreneurs operating in many countries in Europe, Russia and Canada, and they all seem to say when it comes to business entrepreneuship there is no contest. The reason they all gave was culture to work and slot hard plus stubborn persistance.
"The Rev. Santiago Gomez Sierra, the chairman of CajaSur, a regional savings bank in Cordoba, began his last board meeting last week with a prayer. Several directors performed the sign of the cross. No miracle happened. Within hours CajaSur, controlled by the Roman Catholic Church, was seized by the Bank of Spain."
I cant agree more, cooler. I dont think it will be the same ending either. The article just shows what happened in INA and there is something to be learnt from that event. The fundamental difference (apart from public spending/hand outs) is that during Asian fin crisis no one saw it coming because the majority of the foreign currency loan was done by companies not governments. The dollar borrowing rate was a lot smaller than rupiah rate, therefore most big companies borrowed in dollars. Everyone knows the rest of the story. On the other hand, the current Euro crisis is mainly on govts hand and there are all the time they have to fix it. If Greece is not part of EU I do not think this will be a major problem. But the fact is, if Greece are to fail now it will badly affect GER and FRA (as their banks are the major lender to Greek govt) and the rest of major economies world wide. The consequences of that happening is just too much. No one wants to see that happening, not even China who yesterday issue almost a guarantee that all investment in Europe will be maintained. Unfortunately the world will rather choose Greeks to die than their economy suffers. I think what will happen is, the restructuring will shift the debt burden from banks to IMF or the Euro fund. Basically its a protective measure or bail out by the EU in favour for the likes of BNP Paribas. The rest of the stories will be countless boring meeting between IMF and Greek govt that the world never care of. And the world economy will go business as ussual. At the moment though, the bear camp will be looking for any negative news to strike the fear back to the market. So look out!!
we have or should have learned from US's financial crises and gulf oil spill, u do not trust the regulators... Subprime and credut swaps were stamped AAA to A too.
Yeah, Al said he invented the internet. The buck stop with him when it ran up into his @$$. If he takes responsibility, he should resign.
It is customery in Japan for a pm to resign if he loses the confidence of the public. This applies to their corporate heads too. But in the UK, not so, unless they boot him out in parliament. It is a bit like thin skin vs thick skin. In the US the president is like an emperor. He can even veto bills that carry more than 50% but less than 2/3 of the votes. He sits tight for the full term, come rain or shine.
U.S. also have had a prez resigned, Richard Nixon. But also had 2 prez impeached (trial), Andrew Johnson and Bubba Clinton, although both were acquitted (trial)..
Monica: What is that in your pocket? A cigar or just happy to see me? Bill: You can smoke on one and suck on the other end.
The ground has finally fallen!!! http://news.nationalgeographic.com/...ld/#guatemala-city-sinkhole_21110_600x450.jpg