Forex Ecn - the Wave Of The Future
(PRWEB) November 13, 2011
The prime ministers of Greece and Italy are expected to step down this week due to the Euro being the cause of all financial woes, according to InvestTechFX and The Christian Science Monitor. Considered to be an instrument that promotes political harmony and economic prosperity across Europe, evidence indicates that the Euro has wreaked havoc and it is time to scrap it or allow the weakest members to leave. According to the online Forex Ecn experts at InvestTechFX, the concept of uniting different countries with varied levels of economic development and radically different politic environments through a single currency area is inherently flawed.
The Euro’s weakness that exposed the global financial crisis became apparent when it failed to resolve Greece’s financial problems in 2009. The Euro provided an alternative to the internal devaluation process, encouraged Italy and Greece to go on a borrowing binge with Greece reducing its debt to a mere 120% of GDP, according to data collected by InvestTechFX, by the end of the decade, and caused interest rates to plunge in southern Europe.
Spain is vulnerable, Ireland and Portugal are all set to accept bail-outs, according to a Reuters report, and France that has not balanced its budget since the 1970s is worried about its triple-A rating. Breaking up the Euro is illegal under EU law and debt default and capital flight in countries quitting the euro could results in economic and political chaos and the collapse of banks. New governments with a credible economic program might offer a brief respite, but a fiscal union that might take decades to implement is the long-term fix to the Euro’s malaise.
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