GOOD news out of the euro zone: the euro area ran a higher than expected trade surplus in November of last year thanks to a surge in exports. The bad news? The November surplus was jsut under €14 billion in an economy with annual output of nearly €10 trillion.
George Soros, the US speculator turned billionaire philanthropist, has suggested both Greece and Portugal quit the European Union and the euro-zone because of their massive debts."One has so mishandled the Greek problem that the best way forward at present might be an orderly exit" with Greece leaving both the EU and the euro common currency, he said in an interview published Sunday by the German magazine Spiegel.He suggested the same might go for Portugal."The EU and the euro would survive it," he added.
Report Shows Netherlands Would Benefit by Leaving Eurozone
Inquiring minds are reading a 73 page detailed report The Netherlands & The Euro that explains country by country why Italy, Greece, Portugal, and Spain are going to need lots more money, and the Netherlands and Germany will end up footing the bill.
By Peter Boone and Simon Johnson
In every economic crisis there comes a moment of clarity. In Europe soon, millions of people will wake up to realize that the euro-as-we-know-it is gone. Economic chaos awaits them.