15 May 2010

EUROLAND: "The Euro Is Doomed" Claims An Analyst As It Sinks To 18-Month Low.

BLOOMBERG/         “The euro is doomed,” claims Andrew Wilkinson, analyst at Interactive Brokers Group. “It’s like a clown without its makeup. The strains among the partners are becoming clear and it’s becoming harder to see global growth not being threatened by this.” This observation came after the euro touched a new low, its weakest since October 2008. Reports also surfaced that French President Nicolas Sarkozy threatened to pull out of the euro unless German Chancellor Angela Merkel agreed to back the EU's bailout. The euro has lost 9 % this year. Some speculate it will hit $1.16 per USD... by year's end.  Central Bank President Jean-Claude Trichet wants..." a need for a quantum leap in the governance of the euro area. There needs to be major improvements to prevent bad behavior, to ensure effective implementation of the recommendations made by peers and ensure real and effective sanctions in the case of breaches." He said the current crisis may be worse than the Great Depression.