Even if you get the austerity plan right, the economic pain is tremendous...
If Spain, Portugal, Ireland and Greece are all in fiscal purgatory, it will be slow-growth ahead for the EU, for sure…
3 Responses to “Amplifying a point we’ve made here before”
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AUTOREFRESH 
It actually means that the euro is still pretty much under preasure?
The consolidation in EUR/USD looks painfully similar to the one we had in December and January; complete lack of follow through to the top side and gradually approaching channel resistance via sideways price action.
Eastern Europe is not even mentioned…yet: Highly exposed to it Germany, Austria , Italy and guess who elsse ? Alpha and Piraeus banks which were recently downgraded are Greek banks.. and very exposed in EE.