Posted on 05/06/2010 5:14:34 AM PDT by blam
Roubini: 3 Out Of The 4 PIGS Will Get Creamed
Vincent Fernando, CFA
May. 6, 2010, 5:58 AM
Nouriel Roubini, speaking to la Repubblica, explained that Portugal and Spain are most at risk of Greek crisis contagion.
Italy is actually 'at a reasonable distance' from the problem.
Still, “You have to be careful to not stop here [for Italy]... There are still serious problems like public debt and lack of competitiveness.
Perhaps there's at least one contrarian play in the PIGS.
[snip]
(Excerpt) Read more at businessinsider.com ...
IIR.....It’s PIIGS
Portugal
Ireland
Italy
Greece
Spain
They can’t afford to bail them all out. They can’t afford not to. The Euro would have to be devalued five times, we will end up calling it the Peso or the Yen.
Ireland took aggressive steps early on. Slashed pensions, raised taxes. I think they are off the list.
“
Ireland took aggressive steps early on. Slashed pensions, raised taxes.
I think they are off the list.
“
That’s been my general impression.
Ireland, unlike some of the other PIIGS (and I fear the USA),
knew the meaning of “timing is everything”.
And consequently got ahead of the curve.
Something Obama and Co. have absolutely no intention of doing.
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