ΕΥΧΑΡΙΣΤΑ ΝΕΑ ΓΙΑ ΤΗ ΓΛΥΚΕΙΑ ΜΑΣ ΠΑΤΡΙΔΑ

Ο Otinanism μας έστειλε το ακόλουθο ευχάριστο νέο

THE BLIGHTED EUROZONEPublished: January 13 2009 09:13 Last updated: January 13 2009 13:38The Irish must be feeling green, and so too the Spanish and Greeks. Over the past week, all three countries’ debt ratings have been placed on review for downgrade. Dublin, Madrid and Athens can bat away such warnings with reassuring noises about how they will put their financial house in order – even if they meanwhile suffer higher borrowing costs. What they cannot dismiss so easily, however, is the solution to their troubles: deflation.The potential downgrades are only a manifestation of a deeper problem: a loss of competitiveness. That is why the Irish, Greek and Spanish current account deficits are so large, and their economies slowing so fast. It has been a long and slow decline. Euro membership lowered borrowing costs, but also unleashed a credit boom and a rise in prices – most obviously in housing but also in wages.This article can be found at:http://www.ft.com/cms/s/1/6fd49b12-e152-11dd-afa0-0000779fd2ac,_i_email=y.html"FT" and "Financial Times" are trademarks of The Financial Times.Copyright The Financial Times Ltd 2009