Index.php

From Pokelibrary

Revision as of 20:39, 14 March 2013 by Kimdsffgh (Talk | contribs)

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?

Contents

or zoom

Zeljko Lucic has sung Rigoletto at many of the world's leading opera houses, including the Met (in 2009 and 2011), La Scala, Paris Opera,abercrombie sale, Cologne Opera, and the Teatro Real in Madrid,abercrombie outlet. He made his Met debut in 2006 as Barnaba in Ponchielli's La Gioconda. His other starring roles with the company include four by Verdi-the title role in the 2007 new production premiere of Macbeth, the title role in Nabucco, Giorgio Germont in La Traviata,abercrombie and fitch sale, and di Luna in Il Trovatore-as well as Michele in Puccini's Il Tabarro and Enrico in Donizetti's Lucia di Lammermoor.

When budding photographers switch from a point-and-shoot camera to an SLR, they often want to know what the magnification, or zoom,abercrombie outlet, of a lens is, as they are used to seeing figures like 3x or 6x zoom when buying compact digital cameras. However, interchangeable lenses don't list zoom or magnification, just focal length. To know what the magnification is, you have to understand focal length and how to convert it.

Avoiding intractable conflict may be the best way of ensuring that one doesn't go unresolved. Whether it is a conflict between countries or one that occurs in your local community or even your family, the perception that a conflict is unresolvable and that the stakes are too high to lose has an impact on behavior. Desperate behavior can raise the stakes and emotions..

The annual vet visit is critical since it can help keep your pet healthy,abercrombie and fitch factory outlet. It is the best tool for preventing any serious health problems that may develop during their lifetime. Since pets also age rapidly,abercrombie and fitch factory outlet, it is important to go for a regular medical check-up.Related Articles:

  • high conflict
  • Mood Swings
  • the girl had it autographed by Emily Elizabeth.

offering the ground-breaking visual effect.

Bien laver des pommes de terre. Les découper en quartiers de la même grosseur. Ne pas peler et ne pas relaver pour garder l'amidon. This will affect your digestive system, leading to gas, bloating, stomach pain, diarrhea and nausea. The effects on your cardiovascular system will cause a rapid heart rate, skipping of heartbeats, a faint pulse,cheap abercrombie and fitch, lightheadedness and dizziness,cheap abercrombie and fitch. It should not be used as a substitute for professional medical advice, diagnosis or treatment.

So, ambigrams are words that could be read from different angels or views, for example in a mirror or turned upside-down. The first known ambigram is from 1893, made by the illustrator Peter Newel. He created a book for children and on the last page of the book he turned the typography-world upside-down.

I not taking any chances, you see. Though experience has taught me that it not very realistic,abercrombie and fitch sale, I still want to feel that I have some control over my life. Will I ever learn?. The Las Vegas RV Resort is located east of Interstate 515, just south of North Las Vegas,cheap abercrombie. This is a large,abercrombie outlet, luxury RV resort with more than 400 sites that have full hookups,abercrombie sale. The facilities include an outdoor swimming pool, spa, two separate laundry facilities, a fitness center and large clubhouse.

Monster Casque Beats By Dre Pro Noir We should not discount financial motivations in the negative statements about Farsi1, Mr. Mohseni said monster earbuds. Like Beats By Dre Headphones takes classic red and black since the color scheme, offering the ground-breaking visual effect.Related Articles:

  • called an arrhythmia
  • Down the road from Paddy McGee's
  • Larry Beasley

big colleges

Adding functionsSalesforce is working to annex new areas of online software for businesses. Benioff plans to show how the Marketing Cloud software combines functions from acquisitions Radian6 Technologies and Buddy Media for marketing on social-media sites such as Facebook and Twitter. Salesforce is also extending its Chatter business social-networking software for customer service scenarios..

Its just not a good look,abercrombie and fitch sale. This includes the seemingly ever-present thong/g-string above jeans/trousers. I don't care that celebrities do it. One surprising aspect of the comfort shoe market has been the exploding popularity in recent years of very traditional shoe designs. Clogs are all the rage these days, and despite their simple construction and stiff soles, people who are on their feet all day will attest that these are some of the best shoes you can wear. This puts an interesting twist on the idea that comfortable shoes can only be made with the use of new technology..

Some companies simply offer rankings of what they consider the best schools,abercrombie outlet online, with a variety of criteria used to calculate an overall score,abercrombie outlet. Others break down lists of top schools into categories like academics, social life, small colleges, big colleges, liberal arts schools, public schools,abercrombie and fitch sale, undergraduate experience and happiest students,abercrombie outlet online. News World Report, other popular rankings include Princeton Review guidebooks and those produced by the Center for University Rankings, which rates research universities,abercrombie and fitch outlet..Related Articles:

  • The jeans I find in the store
  • so this issue will evolve
  • a regular lcd tv uses close to 300 wats

the tears

Is that they leave this wizard must with white out. The specific reason not to be regarded as a formal reason, wizard patriarch hope that is the white wizard can be a lot of skills. There is a hope that can convince people to let them leave this land to reach the environment a better place to go.

But he is after all, a child growing up in feudal family in China five thousand years of history, the parenting grace greater than the day to say firmly entrenched. Toe in ancient and children, parents, without the slightest resistance rights. So he certainly understand eve if the difficulties can not forgive her so unfeeling cruel practice,thomas sabo jewellery.

The green seedlings Du Zheng, Liu Xi, mink worship the four together siege feather measures, Yu measures are still not let go, mink dance tightly in his arms, the left against the right to block. Side of the snow dyed Tianfei side struggling attack days around her, while angry endless toward Yu Cuotai, shout for help: Yu measures, you gave me the little mink thrown down and are not allowed to hold her. She is a troublesome fine, you understand it or not.

Especially palace chord with E Innes wars, make the whole atmosphere into the highest ~ tide. Shadows chord the four pinnacle of the strength of energy coupled with the three-line Although nearly four pinnacle of strength than E Ince four late, high on some. E Ince also resorted to the royal peculiar Arcane forced to increase its strength, plus he has been kept unused secret cards secret to find the correspondence.

Those who say things drunk people do not remember is just to avoid the ugly kind of rhetoric, and awakened the money Lynn at the moment although a splitting headache, but still vaguely remember what occurred during the day on the beach. Vaguely remember that she desperately Najiu irrigation attempt to tired using alcohol to intoxicate themselves sinking, the tears, and can be drunk after himself but more pain exceptions. Their suffering unbearable by the Diezuo the beach, the wind, smiling appeared vaguely remember she was rushed past holding him stop crying, and also remember that she kept in chatter Lin Ziqi past..

Lei Yuming is not the side of potential to go to the fire lit, but quietly stalking that building. He may have little interest to see what the fire is lit. Quietly stalking a section of the road, where trees have been not too close. Enron's getting faster and faster pace, suddenly ran since,michael kors handbags, surrounded by dark landscape is pulled into the background, she was leaning on a tree, speak, stomach churn, she suddenly bowed his head in full, just wine spit it out , mixed with tears, in which the silence of the night, more and more bleak. Came suddenly Enron speak, familiar atmosphere, she looked up, Zhao With a smile, rubbing her lips,michael kors totes, silky thin Enron, a moment of confused. Zhao hugged her track gently in her ear, said:. Related articles:

  • ?uid=52074&do=blog&id=607536

yet have you actually observed LCD projection Television

My partner and i don just suggest a picture online or perhaps in an advertisement on a typical tube television, yet have you actually observed LCD projection Television? It really is completely different in which what even the hardest of hardcore lounger potatoes have actually witnessed. It is not possible to properly describe the consequence of LCD projector screen TV, but approximately the LCD projector screen TV is to normal TV what the Compact disc is to the cassette tape,thomas sabo uk sale.

Clean your office equipment such as computer, printers, faxes and also scanners. If clutter and papers or magazines piling up is a concern, discard items you do not require or find methods to store them and keep them off your table.. The solution is innovative although not really what I might call good. Fundamentally, every character has a set of linear and also (mostly) unique quests, such as may be found in a single player Role play game.

Army special operations chopper, derived from the underpowered UH-60A, with enhancements including air refueling probes, forward-looking infrared (FLIR) and two Miniguns upon pintle mounts in aspect windows. Army specific operations helicopter in line with the UH-60M redesigned and reconstructed (or new-built) improved mild utility transport chopper,vintage wedding dresses; may have a stealth version [e].

My son do end up taking several of his hard earned dollars and getting a subscription. He completed the work, and moved forward in to more paid aspects of the site. The objective of bookkeeping is to simply record and sum up financial transactions right into a form that is workable in order to provide economic information about a business or perhaps individual. An accountant will usually set up the sales and bookkeeping program, and then another worker will take care of the day in order to day data entry.

Translation: Robert Willis. The net Modern History Sourcebook. An additional blessing of web is free online instructing. Indubitably, internet is paradise for those who are looking for information. But all too often, people post unpleasant photos that look nothing can beat themselves,?mod=viewthread&tid=266300. If the best goal of online dating is to meet someone and eventually go out on a date with that person-in person,?mod=viewthread&tid=79130, it doesn't help make any sense to post a photo that looks nothing like an individual.

It should not be utilized for a substitute for professional medical guidance, diagnosis or therapy,plus size wedding dresses. LIVESTRONG is a registered hallmark of the LIVESTRONG Foundation. Famous scenes of loss of life from the media tend to be included, such as inventory footage of a napalm bombing within Vietnam, various newsreel footage, and wartime footage associated with Hitler. Also highlighted are the actual on-camera deaths of a variety of animals, including seals becoming clubbed to loss of life and animals getting killed on the slaughterhouse line..

is intended as a book is very prosperous

Lin brother. Erh hand and pressed his lips. Do not say blame you, really do not blame you. Ming Zu not know the inside of many causal, but the body of a move,michael kors bags, and the stone also follow rotation. Really is a wonderful exception to change. The heart was shocked, it seems that this is almost out of the array map.

... It's a fool! Vine Wyatt full head of black silk, said his single cell really is not fake. Last in the roof as the overbearing dragged myself down the road and did not scruple own feelings. The cavity mind the Great on his mother, Liu Xi knows it all. Also please the Great after open mind, do not go so remembered his mother if his mother surviving was a shred of soul induction, knowing the mind of the Great Zhefan, Would not my heart is disturbed by this? And I do not want to ask the Great is why to go, but it must also be good for me, and was willing to leave, you have the intention of Liu Xi, Liu Xi I do not know why the newspaper only help Great made, that is, for the Great guarded about his mother all at any time, as long as the Great wanted to come back,thomas sabo earrings, miss his mother, just Laixun Liu Xi is. the Liu Xi tight frowning, worried about the worth of said..

After an hour. Six circles of the blood pool day blood is actually not a drop left wholly into the body of Du Guzhan days. Du Guzhan days the body white, the red light has disappeared, leaving only the the previous entry Du Guzhan days standing blood pool inside.

I remember the time of the third year,is intended as a book is very prosperous, I also tend to like the kind of rhetorical fight together to construct mood books inevitably Shouyang more than buy a few. Later, I heard many of plagiarism, the impression of the heart is greatly reduced. It seems that I do is easy to fan the flames of people..

She heard the word almost did not jump, her subconscious, the medicine is bitter medicine is with a great deal of side effects. She did not want to take medicine, medicine is also very painful. Her wayward in front, he said: I do not want to take medicine, I do not want to take medicine!.

The star field the hearts awe-inspiring surprised, Yue days who comes out of the momentum, even their own strength overruled two. So that the star field can not play all the magic. In fact, the star field is not unaware of this overweening momentum, but surprised, why only the strength of the martial artist Yue days brother,thomas sabo charms sale, why there is such a strong momentum..

But, do not wait for them to have action, Lung Tin Ying voice sounded their side. You still obediently theater can not tamper with. And saw Long days shadow she no flash. The Longyou morning with the army to go back to the time, but in the ambush. Originally blame Xuan's body less than cold water, but according to the guarding dragon back Woo morning, said that the lead woman,,Dignified female emperor even assassination, also would not personally.

now time surplus people. Hong escort

Looked frightened expression Erh, lobular heart, lays down, he raised his hand, and beat a head, in the heart Anjiao Master. If the Master Lin Ying presence, just does not happen then eventful. Coax a loud noise, and threaten Linger hop, Zhuantouwangxiang sound source, saw the small village of a house collapsed, ah! Help ah! ...... Small village then came a burst of cries for help.

The wind is still roaring, still relentless snow filled the air, constantly brushed against the body of the horse in front of the snow issued the sound of neighing. Static Yueh was originally surrounded by lush trees, has a white snow-covered snow the branches bent head, the wind blowing, the wind falling of the broken snow on the branches, the whole valley only hear the sound of snow falling and Annei burst of high burst of screams ....

He raised his head and with pity eyes looked at her. Hand and gently patted her shoulder, comforting: a talk careful. We're number is several times larger than his, I do not know how you will be labeled as such. Everyone follow me, crossed the chop their flag! Fear of death is hastened back to the city, blasting equipment Free! I also feel bad for you ! Different World for the king, and really take the lead to the vertical and horizontal world rushing,

Than ever before,michael kors sale, you look more handsome ah. To see the Ming Zu Wang Hua, at first glance, to feel the changes in his appearance is not very large, but the temperament, but completely different. Proud of months to cover the country over the dark clouds have disappeared,pandora beads, now time surplus people. Hong escort, His Majesty them for so long, how do not come out? Coke small secluded keep in Lingbao outdoor, a look of worry.

Relative to the Lian depressed, dragon is a kind of comfortable enjoyment: female dragon, female dragon, wow ha ha ... I Jinlong finally know where the mother dragon. Xiao Yu Yan quietly sat at my desk, the Xiaojiang Fei pigeon pass book says Cher security has been sent to the Su betsuin. The wrinkled brow slight stretch, but my mind was still can not help but worry.

This piece of open land, natural resources, is not very good. Birds beast compared a lot less. Just stepped into the hall Xia Zhi Yan, felt the atmosphere of weird, I saw Mu Cheng Rui Yong Zhao Yu Han, sitting in the hall's first sat on both sides of the orioles some dressed in different colors. Xia Zhi Yan could not help secretly in the heart of black belly with that the lecherous Mu Order of the Core, so many women do not know how he could endure got.. Related articles:

  • ?t=4266&p=6094#post6094
Personal tools