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Petróleo Brasileiro S.A. - Petrobras Message Board

  • musketeernumberone musketeernumberone Dec 30, 2012 4:14 PM Flag

    The Euro Zone

    Good analysis in the NYT...

    ...But consider some of the doomsday scenarios that did not occur in 2012. Greece did not leave the euro zone or set off a Lehman-like financial Armageddon. Spanish and Italian bond yields, rather than succumbing to contagion from Greece, retreated from levels that had threatened their governments with bankruptcy. And nowhere did populist, anti-euro political parties gain the upper hand.

    All of these things could still happen, of course. But the probability of catastrophe has fallen substantially because of a fundamental change in the way that European leaders are dealing with the crisis....

    Spain, Italy and Portugal are still deep in recession, and Greece is in a de facto depression. But there are some signs of progress in one crucial measure: trade balances. All of the distressed countries have increased their exports this year and reduced their trade deficits. That is a sign their products have become more competitive on world markets...

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