The former chief economist of the World Bank and a Nobel prize winner also predicted that short-term speculators in the market could soon start putting pressure on Spain, which is struggling with a large deficit and high unemployment. Last week, Moody’s cut the country’s credit rating from AAA to Aa1.
The former adviser to President Bill Clinton also says that the banking sector has gone back to “business as usual” too quickly and that there are still risks of another financial crisis despite some improvements in regulation.
The Euro was largely the Deutsche Mark on steroids anyway.
Actually more like the Deutsche Mark on Prozac.