Peter Dag

From Peter Dag, sometimes I poke fun at him, cause he is kind of old school, but bottom line is that there is no magix panacea by which problems get fixed EXCEPT through productivity, encouragement of innovation and hardwork and the reward of those, and the rule of contract law.

http://peterdag.blogspot.com/

11/7/11
About the real reason why the Euro cannot work

According to the [IFO]study, prices of goods produced in Greece went up by an average of 67 percent between 1995 and 2008, a record increase for the euro zone. The average price of domestically produced goods went up by 56 percent in Spain, 47 percent in Portugal and 41 percent in Italy. By contrast, prices went up in Germany by only 9 percent in the same period. (Source: Der Spiegel)

I have always said that the Euro could not work. Currencies reflect the inflation (or productivity) differential between two countries.