Friday, February 05, 2010

wake up-call

In 2008 I cycled to the Mediterranean coast and back. I met a former director who told me his pessimistic view on Europe. The Mediterranean countries like Italy, Greece, Spain might drag the EU-economy down because of their bad bookkeeping.

I realized what he said, the accounting principles in the south are very poor regarded to the German-Dutch principles (Dutch former Finance Minister G. Zalm, had his own rigid and defensive accounting principle) The Anglo-American principles are after the crisis too lush in my opinion

Greece and Portugal are the first countries who can give problems and could damage the EU economy. The Stock Markets are responding to that uncertainty. a 2 days plunge of almost 3%-points a day.

The Euro compared to the US Dollar is falling this time. Export can gain of it. That's good for our exporters.
Some hold on the Euro-value isn't bad of course. 1.5 USD for 1 Euro is much, almost too much.

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