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Nobel Winner: Spain’s Collapse Would be End of the Euro

The European Union doesn’t have the resources to rescue Spain if it “collapses,” an event that could lead to the end of the euro, Nobel Prize-winning economist Christopher Pissarides said.

A collapse would be “a very serious problem,” Pissarides, who teaches at the London School of Economics, said at a forum in Beijing today. Such an event “might even see the end of the euro as a common currency,” he said.

Spain plans to auction debt tomorrow in the next test of investors’ confidence that the nation can weather Europe’s sovereign-debt woes. Prime Minister Jose Luis Rodriguez Zapatero is aiming to prove he can finance his government’s commitments amid high unemployment and after bailing out savings banks.

Read more:

http://www.moneynews.com/Headline/NobelWinnerPissaridesSpain...




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Interesting. How do you think

Interesting. How do you think China stepping will effect all this?

bump

Thanks for posting.

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Spain

We can pray for the desired outcome. Says that Japan and the Godless nation of China are going to do more European bailouts. Europe will have to default on them for their ignorance ;)

Spain has also milked it for quite a bit, it is time for those 'lovers of pleasure' to either revolt or take the consequences of their actions. Their fertility rate is at 1.1 so I guess they are already being pacified.

donvino