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What really caused the eurozone crisis?
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World leaders probably spent more time worrying about the eurozone crisis than anything else in 2011.
 
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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?
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    * The eurozone has agreed a new "fiscal compact"
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    * 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.
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    * But didn't they already agree to this back in the '90s?
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    * 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?
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    * So who kept to the rules?
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    * 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.
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    * 3/9 Italy
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      Worst offender
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    * 5/9 Germany
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      First to break rules
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    * 6/9 France
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      Offender
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    * 9/9 Spain
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      Top of the Class
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    * But the markets have other ideas
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    * 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?
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    * So what really caused the crisis?
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    * 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.
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    * Good news for Germany...
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    * 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.
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    * ...bad news for southern Europe
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    * 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.
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    * ...and a nasty dilemma
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    * 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.
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      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...
 
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    * Cut spending...
 
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    * ...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.
 
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    * Don't cut spending...
 
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    * ...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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== www.doudouneamonclersfr.com police  followed the  alarm  go ==
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In February 28th theSecretary of county Party committee  meeting,  Jieyang  Experimental Zone of  the main party  attaches great importance to the leadership  ,pro  catch  deployment  ,the  departments at all levels  to implement the responsibility  ,cooperate closely  ,abercrombie paris,fight in coordination  ,crack down on  various illegal and criminal acts  ,effectively  promote the region  social  security comprehensive  rectification work  in depth  .<br>District Party committee secretary  Cai Yaoqing on February 28th  and  hosted  by  area  members of the party and government bodies  ,direct  the Department is mainly responsible for people  ,towns  (street  )  secretary  ,alcalde  (  director  )  attended  the District  Management Committee  joint  (expansion)  conference  ,communicate seriously  learning  conference,  research deploy  whole area 2009 year  deepen  social security comprehensive  rectification work  .<br>Requirements  of the region at all levels of  departments should take  powerful  measures  ,abercrombie,deepen ten  regulation  ,ensure  the  stability  and rapid economic  development .In order to strengthen the  regulation of  &ldquo  ;ten  &rdquo  ;leader  ,zone  established by the  district  commissioner  ,Secretary of politics and Law Committee,  Xia Wei of director of  public security  general  command of the  deepening social  security  ten action  command  ,at the same time established  Jieyang test  area 2009 year  deepen  social security  ten  rectification  work program  ,further clarify the  rectification work  key and  all levels of various departments  work  .<br>Experimental Zone of  comprehensive management  of public security organs  play a  role as the main force  ,the  police mobilization  ,go to all lengths  ,quickly set off  &ldquo  ;ten rectification  &rdquo  ;action climax,  has  dispatched police  386 person-time  ,establishment of a fixed  card  post  2  ,inventory of  entertainment  ,rental housing  ,louboutin pas cher,hotels  ,Internet cafes  ,hogan,car  repair  shop  and other key  sites  in all 262  ;cracked  various types of criminal  cases 6,  detained  11 suspects  ,5 arrested  ;destroyed  2 criminal gangs  ,arresting criminal  gang member 6  ;and  public security  cases 65  (  including  gambling  cases 24,  punishment  125)  ;seized  unlicensed  no  certificate  ,false licenses  vehicle 150;  the recovery of stolen  cattle  farm  2  head  (  value  16000 yuan  )  ,the stolen  car 1,  rob  mobile phone  3  ,collection  simulation pistol  in 1,woolrich outlet,  more than 30 sets of  devices  ,control tool  to commit  a large number of  .<br>In order to ensure that the &ldquo  &rdquo  ;ten rectification  ;to obtain actual effect  ,experimental  district public security  authorities insist on  &ldquo  ;police  followed the  alarm  go  ,source control  ,fast  detection  fast  break  &rdquo  ;working  principle,,  key areas  ,key period  for implementing the  precision strike  ,give full play 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,severe blow  &ldquo  ;rob  a  stolen &rdquo  ;case  ,to deter crime  ;four is  to combat  illegal gambling  activities as the main line  ,focus on tackling  key and difficulty  ,do not stay dead  ,sac longchamp pas cher,not to stay hidden  ,at the same time  with the  village  police station also  signed  book of responsibility of  ensuring that  gambling  ,sac longchamp,gambling problem  does not rebound  ;five is a  complex public places  one by one  check,  do not stay dead  ,ensure one by one  pass  ,hollister;six is a  group of public security  police  ,police  organization  ,strengthening  for  dangerous goods  ,explosive  goods of the  safety inspection  ,eliminate hidden dangers  ;seven is the  Criminal Investigation Brigade  increase  detection  pursuit  work  force  Degree  of &ldquo  ;therefore  ,a  stolen &rdquo  ;criminal cases  give severe blow  ;the eight  battalion of the traffic police  is a joint  fishing lake  of  unlicensed  undocumented  ,false licenses  vehicle  seizure  attack,  from fountainhead keep within limits  &ldquo  ,louis vuitton outlet;rob  a  stolen &rdquo  ;cases  .<br>Through a large number of investigation  Bukong  ,the District Public Security Bureau  in the experimental area  of armed  ministry guest house  successfully captured  in the area  had  many times and  prepare to go  on  robbery  suspect Huang Mouda  (  male,  23 years old  ,Yangjiang city)  .<br>The  continuous  interrogation  ,Spaccio Woolrich,Hwang  was  finally  confessed  in 2008  12 at the end of  test area  the number of crimes of robbery  crime;  according to  Huang  to  account,michael kors,  in the experimental zone  thickness and  Chen  Village Road side  grass  ,franklin marshall,extracting the  tool  watermelon  knife 1,  and captured  its partner  Lin Moubin  (  male,  29 years old  ,test  Zone  )  ;in the  involved Huang Mourong  (  male,  18 years old  ,test  area  ,at-large  )  home  captured  ied  2  ,hollister france,watermelon  knife 1  ,motor vehicle license plate  sealing  8 grains  ,concentrated sulfuric acid 1  bottle  (  400 ml)  .<br>At present,  Hwang  ,Lin Moubin has been arrested  .February 26th morning,  battalion of the criminal investigation branch  and  south of the river  police station  destroy  robbery  gang  in 2  ,captured by Huang Moufeng  and other  6 criminal suspects,  seized  for  committing  a  robbery  simulation pistol  ,woolrich,recover the  stolen  mobile phone  ,2 head of  cattle  farm  ,piumini moncler.<br>Related articles:
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Re: Alex Viada adicionou um novo vídeo
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  <li>  obtain actual effect.</li>
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  <li>  as a result the problems of the</li>
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De: Alex Viada no Facebook <notification+kr4ms2xkxkyr@facebookmail.com>
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Enviado: domingo, 19 de junho de 2016 14:24
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  <li> Dynamic sites can be costly to create and set up</li>
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Assunto: Alex Viada adicionou um novo vídeo
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This can be accomplished by providing you with an location of numerous alternative types. These specific alternatives assist you to narrow straight down the huge record to grant you a choice of Ezines which might be just proper to your particular requirements.
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Current revision as of 17:40, 19 June 2016

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De: Alex Viada no Facebook <notification+kr4ms2xkxkyr@facebookmail.com> Enviado: domingo, 19 de junho de 2016 14:24 Para: Lucas Lauer Assunto: Alex Viada adicionou um novo vídeo

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Alex Viada Alex Viada adicionou um novo vídeo Curtir · Comentar · Compartilhar Você está recebendo este e-mail porque ativou notificações para Alex Viada. Acesse o perfil de Alex Viada para desativá-las. Ver publicação Essa mensagem foi enviada para lucas_lauer@hotmail.com. Se você não deseja receber esses emails do Facebook no futuro, cancele o recebimento. Facebook, Inc., Attention: Community Support, Menlo Park, CA 94025

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