The American Empire in a Changing World


Wednesday, September 5, 2012

''Why the euro may have already broken up''

a must read.............From Evening Standard
By Anthony Hilton

''This is where the strains show. Back in July, I took part in a conference where a law firm sought to advise clients how to make sure they would get paid for their exports in transit in the event of a break-up. They were advised to avoid the euro and make sure their contracts were written under English law.

The fear is they might take an order expecting to get paid in euros but end up being offered devalued Greek drachma or Spanish pesetas. That fear has already disrupted normal flows of trade even before the corrosive effect of different interest rates between say Germany and Spain. As far as the most troubled countries are concerned, Europe is “balkanising” again, becoming national rather than transnational.''

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