‘Euro won’t disintegrate’: Goldman Sachs economist reassures markets(Crooks and Liars)
‘Euro won’t disintegrate’: Goldman Sachs economist reassures markets
18.05.10
The euro today collapsed to a four-year low at one stage, but Goldman Sachs’ top economist Jim O’Neill said it was “ridiculous” to suggest the single currency area was about to disintegrate.
Although the currency rallied against the dollar from this morning’s $1.2235 low, it remains badly weakened, down nearly 7% this month alone, and 14% down so far this year.
But O’Neill, famed for spotting first the combined might of the new economic powerhouses of Brazil, Russia, India and China, which he dubbed the Bric economies, said the idea of the eurozone breaking up defied logic.
He even went so far as to suggest the euro’s rout was nearing its end.
(Excerpt) Read more at thisislondon.co.uk
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