Home | Topics | Soros

The errors are manifold - Sarkozy: Greece should not have been in the eurozone - Soros: Same goes with Italy

Printer-friendly versionPDF version

French President Nicolas Sarkozy has said it had been an error to admit Greece to the eurozone in 2001 but said he was confident the country could emerge from its debt crisis.

George Soros went even further and said that it was wrong that Italy joined too.

Remember those days in Eurostat when we consultants heard these strange rumours about weird meetings with the top people (politicians and fonctionnaires) agreeing on methods to "reduce the debt" to fit Italy in the game. Worse was the case for Greece that had no statistics at the time of joining the Eurozone. Eurostat estimated GDP using partner declaration methods, ie an export from Sweden to Greece was declared as the import from Sweden to Greece, etc. The rest was estimated with portion. Let's say that method covered 80% of imports and exports then just add another 20% and we have 100. We know today that the phony numbers were totally wrong and that it was indeed wrong that Greece, Italy joined and that the interest rate on a Greek bond was not such a bargain if it is just a few pips above (oh, so I buy that Greek one then...) the German bond, as it was at the beginning of the euro...

Short URL
Asymptotix on Twitter

Are the key legislative pillars such as Basel II & III, UCITS IV and Solvency II forcing you to re-examine how you identify, measure and manage risk and capital?

Asymptotix work closely with our partners to help clients develop a more proactive, systematic and integrated approach to governance and risk management to deliver proper value.

Asymptotix can offer the support you need to deliver on time. Read more...

Is the goal of your website to sell services or products, educate, or collect data?

A positive customer experience is vital to conversion, no matter what your conversion goals may be. Our designers and developers will create a positive experience to maximize your conversions and deliver the optimal return on your investment. We strive to find the perfect balance between the web site’s design and functionality.

Asymptotix implements interactive solutions for European companies. From corporate websites to social communities, our clients will tell you an investment in building a scalable online experience will deliver long-term tangible benefits.

Based in Luxembourg we can help you all over Europe. Our multi-lingual team can work with projects and speak your language! Read more...