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What really caused the eurozone crisis?

World leaders probably spent more time worrying about the eurozone crisis than anything else in 2011.

And that was in the year that featured the Arab Spring, the Japanese tsunami and the death of Osama Bin Laden. What's more, 2012 looks set to be not much different. But as eurozone governments hammer out new rules to limit their borrowing, are they missing the point of the crisis?

   * The eurozone has agreed a new "fiscal compact"
   * Eurozone leaders have agreed to a tough set of rules - insisted on by Germany - that will limit their governments' "structural" borrowing (that is, excluding any extra borrowing due to a recession) to just 0.5% of their economies' output each year. It will also limit their total borrowing to 3%. These rules are supposed to stop them accumulating too much debt, and make sure there won't be another financial crisis.
   * But didn't they already agree to this back in the '90s?
   * Hang on a minute. They agreed to exactly the same 3% borrowing limit back in 1997, when the euro was being set up. The "stability and growth pact" was insisted on by German finance minister Theo Waigel (centre of image). What happened?
   * So who kept to the rules?
   * Italy was the worst offender. It regularly broke the 3% annual borrowing limit. But actually Germany - along with Italy - was the first big country to break the 3% rule. After that, France followed. Of the big economies, only Spain kept its nose clean until the 2008 financial crisis; the Madrid government stayed within the 3% limit every year from the euro's creation in 1999 until 2007. Not only that - of the four, Spain's government also has the smallest debts relative to the size of its economy. Greece, by the way, is in a class of its own. It never stuck to the 3% target, but manipulated its borrowing statistics to look good, which allowed it to get into the euro in the first place. Its waywardness was uncovered two years ago.
   * 3/9 Italy
     Worst offender
   * 5/9 Germany
     First to break rules
   * 6/9 France
     Offender
   * 9/9 Spain
     Top of the Class
   * But the markets have other ideas
   * So surely Germany, France and Italy should be in trouble with all that reckless borrowing, while Spain should be reaping the rewards of its virtue? Well, no. Actually Germany is the "safe haven" - markets have been willing to lend to it at historically low interest rates since the crisis began. Spain on the other hand is seen by markets as almost as risky as Italy. So what gives?
   * So what really caused the crisis?
   * There was a big build-up of debts in Spain and Italy before 2008, but it had nothing to do with governments. Instead it was the private sector - companies and mortgage borrowers - who were taking out loans. Interest rates had fallen to unprecedented lows in southern European countries when they joined the euro. And that encouraged a debt-fuelled boom.
   * Good news for Germany...
   * All that debt helped finance more and more imports by Spain, Italy and even France. Meanwhile, Germany became an export power-house after the eurozone was set up in 1999, selling far more to the rest of the world (including southern Europeans) than it was buying as imports. That meant Germany was earning a lot of surplus cash on its exports. And guess what - most of that cash ended up being lent to southern Europe.
   * ...bad news for southern Europe
   * But debts are only part of the problem in Italy and Spain. During the boom years, wages rose and rose in the south (and in France). But German unions agreed to hold their wages steady. So Italian and Spanish workers now face a huge competitive price disadvantage. Indeed, this loss of competitiveness is the main reason why southern Europeans have been finding it so much harder to export than Germany.
   * ...and a nasty dilemma
   * So to recap, government borrowing - which has ballooned since the 2008 global financial crisis - had very little to do with creating the current eurozone crisis in the first place, especially in Spain (Greece's government is the big exception here). So even if governments don't break the borrowing rules this time, that won't necessarily stop a similar crisis from happening all over again.
     Spain and Italy are now facing nasty recessions, because no-one wants to spend. Companies and mortgage borrowers are too busy repaying their debts to spend more. Exports are uncompetitive. And now governments - whose borrowing has exploded since the 2008 financial crisis savaged their economies - have agreed to drastically cut their spending back as well. But...
   * Cut spending...
   * ...and you are pretty sure to deepen the recession. That probably means even more unemployment (already over 20% in Spain), which may push wages down to more competitive levels - though history suggests this is very hard to do. Even so, lower wages will just make people's debts even harder to repay, meaning they are likely to cut their own spending even more, or stop repaying their debts. And lower wages may not even lead to a quick rise in exports, if all of your European export markets are in recession too. In any case, you can probably expect more strikes and protests, and more nervousness in financial markets about whether you really will stay in the euro.
   * Don't cut spending...
   * ...and you risk a financial collapse. The amount you borrow each year has exploded since 2008 due to economic stagnation and high unemployment. But your economy looks to be chronically uncompetitive within the euro. So markets are liable to lose confidence in you - they may fear your economy is simply too weak to support your ballooning debtload. Meanwhile, other European governments may not have enough money to bail you out, and the European Central Bank says its mandate doesn't allow it to. And if they won't lend to you, why would anyone else?

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Waitingis worthwhile and whether it will be ,mercurial vapor pas cher,that I can ,outlet hogan.I don force myself ,but do not want to deceive oneself and others .All I can do is try to keep calm ,in order to look you in the face ,can calm smile .
Xu Xiaoduo to write so few words .Wake up every night ,open the computer ,watching ,then whispered cry .She is Miss Lin wing .Miss that appear in life for three minutes ,then for five years to forget ,the laughing with shallow Liwo boys .
The summer five years ago ,Xu Xiaoduo is a thin and quiet girl .Is only 155 centimeters ,don wearing high-heeled shoes ,doesn to dress up .Then come very naturally lost in arts such as beauty of .
No man ,Xu Xiaoduo himself is enjoyment .Her specialty is the modern dance ,from the foundation ,so it can be inverted for a long time did not feel tired .Xu Xiaoduo likes headstand .In the world ,the blue sky in the sole of the foot .
Smell the grass ,as birds in the toe rest .He smiled ,feeling very happy .Art academy is good only less classes ,activities .All kinds of performances ,evening ,every week there will be one or two .
Just on the university that will ,Xu Xiaoduo also feel fresh ,each will go .Then act to play to be that several programs ,Xu Xiaoduo was tired of .Each show ,dormitory girls hold to go, she went to nobody dance classroom ,a person sitting at the window ,stretching his legs ,while singing the tune ,side toward the stars blink .
Also so artful ,Department of Physical Education held a Christmas party ,pro found borrowed the dancing girl have a every .5x3 formation ,one less how to dance  ?Responsible for the rapid fire ,run to run west ,just pass by dance training room ,just see the tiny Xu Xiaoduo turned himself into a lotus dance .
Be delighted that things are better than one expected. Took the hand of Xu Xiaoduo make a pitiful plea ,put a small flower coax dizzily, silly not to come nodded then changed into a white dress up .
There are fundamental ,Xu Xiaoduo looked again remember how to jump on stage ,did not make a fool of yourself, but a comely face look sports is full of SAP lad to inquire about ,who is here ,on the first row of the left ,right, is tied to the blue bow .
The field was changing clothes ,responsible person again, laughing as the peony flower .Standing on the stage ,Xu Xiaoduo whispers a peony flower really bad .How to do the dance game .
Under so many people ,look for a line .Later ,later on to explain to her the peony flower .After hearing the explanation ,Xu Xiaoduo felt that no wonder the peony is the national flower ,is beautiful .
The game is very simple ,scarpe hogan,is to dance with the girl are inverted ,who stand a long time ,who can and Lin wing dance .Lin wing who Xu Xiaoduo is never seen ,but a handstand her music .
A girl I scare you ,moncler,this is a small jump .It was a small jump a big dick .I can not see ,this little guy .In the game more than a dozen girls one by one to jump off, angry stares at Xu Xiaoduo .
Xu Xiaoduo looked at my own eyes, why ah ~ this side does not have one .The girl Xu Xiaoduo ,they dance the first dance beauty,supra, that is the best .Name is Xiao Xiao .Listen to ,more consistent with her at this time if the sample AF ,louboutin.
Xu Xiaoduo think she is a good girl ,so it is very easy she also acted groan and moan is dying .Next to Xiao Xiao is hate .You this dead girl ,is the beginning of this pair of hell ,how to also do not fall  !Later on,abercrombie, then I do not know how long after ,Xu Xiaoduo suddenly felt boring .
I get what fun  !Just prepared ,next to Xiao Xiao thunk fell out ,gasping for breath .A Xiaoduo grin ,a natural smile face .You hate me? You hate me  !If you were me too long is good ,know what I want ,how can support one or two seconds not .
The lights dimmed ,music rang . Prizes came slowly, took Xu Xiaoduo ,a smile .Dangerous beauty. Xu Xiaoduo whoosh her to Beacon Tower chuckling .In three minutes the blue The Danube ,flow ah ah ,Lin wing that the one with the Liwo run face so slowly flows to Xu Xiaoduo this silly girl .
Xu Xiaoduo foot cotton all the way down back bedroom, catch the school size entertainment events know everything gossip girl ,say ,who is the forest wing .He lay in bed at night ,Xu Xiaoduo sigh ~ I have lived for twenty years, eventually savor the taste of insomnia .
Mouth salty, Xu Xiaoduo feel wronged ,hold bedside Winnie sobbing cry ,moncler.You a forest wing ,has a girlfriend to you girl I what ,!Dark bedroom boss threw a slipper ,Xu Xiaoduo is hit in the head .
The boss is imposing scold ,good-for-nothing ,crying crying crying  !Have a girlfriend I don get it ,piumini moncler.Xu Xiaoduo suction the nose, small voice answered ,how could I have been Xiao Xiao .
Then ,until graduation ,Xu Xiaoduo never saw forest wing .Xu Xiaoduo never inverted .She found the soles of the feet clouds ,one after another into the forest wing appearance, laughing at her .
Xu Xiaoduo wow cried .Xu Xiaoduo to work or don wearing high-heeled shoes ,or biting lollipop ,sitting on the curb a trance is a few hours .Once a handsome policeman walks over to ask ,the little girl ,need help  ?Xu Xiaoduo blushed ,and I ,I et al .
Handsome police suspect ,but who ah .I am here every day a duty, never see you to who .Lips but feel shy to ask ,then smiled and walked .Xu Xiaoduo felt silly ,can the very next day got empty or .
Xu Xiaoduo laugh at yourself ,you swear what for .Xu Xiaoduo did not say dirty words ,but the day day ,let the good temper Xu Xiaoduo angry .This is a day to did not see the handsome police ,Xu Xiaoduo know where he went .
He was two blocks away ,their city Yilan the largest wedding dress store to wait for her .Xu Xiaoduo will have to try for wedding .Go to the school gate ,Xu Xiaoduo began to cry .Lin wing ,I am here waiting for you for five years .
I have been waiting for you .Peony flower said to me ,you tell her ,there in the classroom ,she can dance .Are you advised her to play the game on ,who won could dance with you .She gave me a picture ,that is in any case you asked her to give me .
Painting is my dancing ,I dance side of the side read lotus gathering .Beside you write ,can the lotus lotus Jiangnan ,He Tiantian .You like me ,right .But ,why do you say nothing ,it will disappear .
I ask your classmates ,supra shoes,I am looking for Xiao Xiao ,who also don .As if overnight ,you from this world has disappeared .I can you .Lin wing ,I can you .Silly girl ,don .Xu Xiaoduo put down her face hand ,with long lashes up and down .
Before, Liwo smile .Then he smiled .Summer lotus ,a moment on a pond full of .Although you looks so pale ,but Lin wing ,hogan,in this world, I still think you are best .Our silly boy Xu Xiaoduo screaming into a road of happiness .
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