A Quote by Peter Bofinger
One needs a comprehensive concept that decides just how much debt states like Greece, Ireland, Portugal, Spain and Italy can sustainably bear.
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We are a trading nation, and we are trading with Greece, Spain, Italy, Portugal and Ireland.
Economic polarization is also occurring between creditor and debtor nations. This issplitting the eurozone between Germany, France and the Netherlands in the creditor camp, against Greece, Spain, Portugal, Ireland and Italy falling deeper into debt, unemployment and austerity - followed by emigration and capital flight.
Greece is at a dangerous crossroads. Other countries-Portugal, Ireland, maybe Spain-are coming behind it.
The E.U. cannot give up on common solidarity. The idea that every country does its own thing, and history and geography decides whose turn it is - whether Greece or Italy or Spain or, who knows, even Poland if there's a crisis in north-eastern Europe - that just can't be. There has to be a common policy.
If we were the problem, it would be very convenient, kick Greece out, everything's fine. But what happened to Spain? What about Portugal? What about Italy? What about the whole of the Eurozone? We need more cooperation and less simplification and prejudice about what has to happen.
If we were the problem, it would be very convenient - kick Greece out, everything's fine. What would happen to Spain, what about Portugal, what about Italy, what about the whole of the euro zone? We need more cooperation and less simplification and prejudice.
We saw in Greece how dangerous it is if a country has a bigger and bigger debt, and I hope that we will not have a second Greece in our neighbouring country, Italy.
We often forget that Spain controlled big parts of Europe, in Italy and the Netherlands. In the Middle Ages, Spain and Portugal were so powerful that they signed a set of treaties literally dividing up the globe between them.
I think at the end of the day, the real sick man of Europe is liable to turn out to be France, not Greece, not Portugal, not Spain, not Italy. The reason is France is very uncompetitive to begin with on a global scale, and the measures that Hollande has been putting in have been very, very negative from the point of view of economic growth.
The EU is mired in deep structural crisis. Greece, Portugal and Ireland cannot survive inside the Euro.
I'm a pessimist about the euro, but not about Europe. So the southern periphery, Spain, Italy, Greece, leave - Italy might be the first to go - and the rest stay. That will work just fine. But unless they want to give up democracy, I don't see greater fiscal union as the answer.
Italy may well be the main problem. It has benefited most from the euro by having been able to get the euro interest rate instead of what otherwise would have been its own. That would be much higher because Italy has been accumulating so much debt. In the past, Italy has inflated away its debt. The virtue of the euro is that Italy can't do it alone. A tight ECB policy wouldn't permit that to happen again.
Like the Devil, the Norway lobster is known by a variety of different names: cigala in Spain, langoustine in France, Dublin Bay Prawn in Ireland. And in Italy, as well as the U.K., scampi.
A player who dives and wins a penalty in Portugal, or Spain or Italy is considered clever, experienced, cunning, someone who understands the game. In England a player who wins a penalty like that is a cheat.
I believe in Eternity. I can find Greece, Palestine, Italy, Spain, and the Islands, - the Genius and creative Principle of each and of all eras, in my own mind.
Ryanair brings lots of different cultures to the beaches of Spain, Greece and Italy, where they couple and copulate in the interests of pan-European peace.
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