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Citi forecasts Greek devastation, unstoppable debt spirals in Italy and Portugal
If Citigroup is right, the slight rebound in Europe over the summer will not be enough to stop Club Med going from bad to worse, with a string of soft defaults/restructurings. I pass their latest forecasts on to readers. I do not endorse them. Italy will bounce along in near-permanent recession with growth of 0.1pc in 2014, zero in 2015, and 0.2pc in 2016. The debt will punch above 140pc of GDP, beyond the point of no return for a country with no economic growth or sovereign currency. "We do not expect the public debt ratio will enter a downtrend in coming years, and we suspect that some form of debt ... (full story)
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Spreadbetter
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Spreadbetter
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"The meek shall inherit the earth.." Yeah right, good luck with that shit..