Snakes and Ladders
"A year ago, Europe announced a framework for providing bridge loans to tide countries over until reform, austerity and renewed growth would allow them to come back to the capital markets in 2012. In the case of Greece, Ireland and Portugal, this does not appear to be working. If anything, as shown on page 2, austerity without an exchange rate adjustment is strangling Greece."
Michael Cembalest, chief investment officer at J.P. Morgan:
05-10-11 - EOTM - Snakes and Ladders
"A year ago, Europe announced a framework for providing bridge loans to tide countries over until reform, austerity and renewed growth would allow them to come back to the capital markets in 2012. In the case of Greece, Ireland and Portugal, this does not appear to be working. If anything, as shown on page 2, austerity without an exchange rate adjustment is strangling Greece."
Michael Cembalest, chief investment officer at J.P. Morgan:
05-10-11 - EOTM - Snakes and Ladders
