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At a time when analysts forecast a recovery in the global economy, the Greek crisis broke out, which is threatening today the survival of the European economy and the second largest currency in the world. Ten years ago, it seemed that the idea of the single currency and has a promising turn the page on the price of the currency fluctuation which Judges haunted Europe since the end of a system of Bretton - Woods, in the seventies. Europe has made great strides on the path of integration into the trade association and the unification of legislation.
After the reunification of Germany, the French feared that tend Germany, the largest country in Europe, to the domination of the European continent. It seemed that Germany join the single European currency fortifies European countries, the risk of the emergence of a fourth Reich. And stabbed a large number of economists, including me, in the unification of the European currency plan, when approved corner of Third European Union, in the Maastricht Treaty of 1992. It saw them to highlight the weakness of the project points neglect fiscal policy consolidation and coordination among them, despite the single currency's commitment. And the imposition of preconditions to join the European single currency, namely to reduce the proportion of the government budget deficit to less than 3 percent of GDP, and the ratio of public debt to less than 60 percent.
But the project lacked Profits Unlimited System obliges Member States to adhere to these financial rules. Therefore, the British did not join the single currency. In 1998, the leaked confidential report issued by the Central Bank of England looks at the likelihood of the potential risks that may be facing the single currency. He concluded, on the question: Why the consequent rise in the fiscal deficit ratio in what he called «a country» or country Doe, that the results of such a breach may be slipping into a terrible mess. The reason for the chaos to ban the intervention of the European Central Bank to prevent the bankruptcy of a European country by granting loans to bankrupt the government, and to the lack of Doe regulate the country's emergence from the single currency. He predicted Martin Feldstein, Harvard University economist, that the single currency fueling conflicts, instead of consolidating reconciliation.
In the past nine years, the euro has achieved great success. It is 1999 to 2003, the international banks bonds issued in euros than those issued by the dollar. She asked countries that did not join the single currency whether missed a great opportunity. But in October (the October 2009), a new government was in power in Greece, and announced that the budget deficit reached 12.7 percent of gross domestic product, rather than 6 percent, on the previous government claimed. It turns out that the European Central Bank funds financed indirectly, more than a third of the Greek debt by lending to Greek banks. This information was the reason for the results of a series of long warned of them in the euro skeptics. And raise the lenders interest on Greek bonds than one percent to 5 percent, then to 10 percent. Profits Unlimited System country into a deadly spiral of financial benefits with the lifting of the deficit, which has grown to be reached 13.6 percent of GDP. He asked Greeks to help the rest of the European countries. And the cost of saving Greece was rock-bottom in January (January) last year. But the German government hesitated on the eve of the date of local elections and the contraction of the German economy because of the global financial crisis. And the greater the cost to save Greece from bankruptcy on the impact of German reluctance. The rescue plan Greece, which acknowledged, finally, will not end the chapters of the Greek crisis. The government can not possibly cut spending significantly curtailed in light of a sharp contraction. In the best case, ie if Greece managed to reduce expenses and raise taxes, the public debt rose to 150 percent of gross domestic product, and the cost of financing the benefits of debt to 7.5 percent of GDP.
The next chapter of the «Greek tragedy» is an outbreak of crisis contagion to other countries, the impact of investors' awareness that what happened to Greece bonds may affect other European countries bonds both Belgium and Italy accumulated. And exaggerated by Portugal and Spain to borrow from abroad. Greek banks have received the fate of «Lehman Brothers», Bulgaria and Romania to the core after the collapse of most of its creditors, any Greek banks. European banks and are not immune from the Greek debt problems. The share of this debt is about $ 193 billion, according to «immediately Bank». On this, Profits Unlimited Review European crisis may Tucker to another pill. And contribute to the euro insistence of the European Central Bank on positive rating rated Greek securities degradation.
It may be long before investors realize that the euro zone fiscal problems outweigh her counterpart in the United States. The EU lacks a federal system simulates the American system. This takes the distribution of income and federal tax revenues to the states. The conclusion of the Greek crisis is that the single currency does not have a list of non-centralized financial system. Europe today is at a crossroads and must choose between upgrading to a United States of Europe or stay Roman empire combination of contemporary architecture countries vary from one country to another, and doomed to collapse in the near future or in the future forward. http://binaryreviewscam.com/profits-unlimited-review-is-profitsunlimited-system-scam