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UBS: Here's Why The Euro Is Doomed
The primary problem with a single currency system is that it causes inherent imbalances across the system. UBS elaborates: At the center of the current crisis of the euro are fiscal deficits, especially in Greece, Portugal, Spain and Ireland. However, these fiscal deficits are just symptoms, but not the cause of the malaise. The fiscal accounts must not be looked at in isolation. Besides the fiscal or public sector financial accounts there are also the private (i.e. firms and private households) sector financial accounts and the foreign sector financial accounts. To approximate the latter, we can look at the so ... (full story)
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