Authors:
José Alberto López Rafaschieri and Luis Alberto López Rafaschieri
www.morochos.net
A small country like Greece do not have enough influence to destabilize the global economy. Furthermore, fears in Greece are based on the economic fundamentals shown by this country, contrary to what happens outside Europe, where most developed countries are presenting better results.
Europe is currently a weakened economy, and we expect low GDP growth in this region for the rest of the year; however, the solitary strength of Europe should not be enough to stop the joint recovery of countries like USA, China, India, Japan, Russia, most of Africa and almost all Latin America. Just the opposite should be expected: an export economy, like Europe's, will be influenced by the recovery of the rest of the world, a fact that eventually would also improve conditions in the Eurozone.
In 2008, Joseph Stiglitz said the credit crisis would represent the end of capitalism, but he was wrong. In 2009, the same author stated that the global reserve system based on the US dollar was in the process of fraying, but he was wrong. And now, in 2010, the winner of the Nobel Prize for economics says that there are great chances of a global double-dip recession, but it appears Stiglitz will be wrong for third consecutive time, because as we have said, neither the macroeconomic performance outside Europe, nor the solitary influence of the Euro zone, support the thesis of a second global recession in 2010 or 2011.
Related articles:
- Debt default in Greece? Unlikely
No comments:
Post a Comment
Warning: Comments are fully moderated. If you use language that is vulgar or inappropriate, your comment will not be published.