IMF chief Strauss-Kahn says the focus of the large EZ economies should be growth, not bring budget deficits down to 3% by 2013.
Austerity is for little guys, apparently….
It makes sense, as growth in the core of the euro zone is needed to pay for bailouts and to allow weaker members to export their way out of trouble.
The Euro zones house is not in order, he says. Risk are not exploding but they are out of order, Reuters quotes him as saying.
Economies cannot share a currency without sharing other decisions such as budgets.
The euro is not finished but it must fight against speculators.
EUR/USD continues to surge, now at 1.2575. It trades up to 1.2595 moments ago.
