Friday, February 12, 2010

DID the European Central Bank Chief Economist Jürgen Stark really blame the American and British media for the Euro woes? He's more than hinting it:
SPIEGEL: Portugal, Spain, Ireland and Italy are also suffering acutely from big deficits. Could such countries really go bankrupt without threatening the very existence of the euro zone?

Stark: That isn't a question we face. But I would like to point to one aspect in this context: Great Britain has a budget deficit of the same magnitude as Greece's. The US budget deficit is also more than 10 percent of GDP. All advanced economies are currently having problems. In fact, it is astonishing to see where most of the criticism of the euro is coming from at the moment.

SPIEGEL: It sounds as if you suspect that the Anglo-American media is behind the attacks.

Stark: At any rate, much of what they are printing reads as if they were trying to deflect attention away from problems in their own backyard.
Yeah, right.