January 07, 2004

European Financial Crisis?

Ed Hugh (who travels these days in the company of Sergio Leone rather than in that of a band of pygmy chimpanzees) fears that we are about to see the first financial crisis within the euro zone, as all those northern Europeans who have been lending Portugal an extra 10% of its GDP year after year wake up and say, "Why are we lending money to a poor country without visible growth that has a lousy educational system?"

Posted by DeLong at January 7, 2004 04:14 PM | TrackBack


No, no, - bonoboland is plenty active. Excellent stuff on the Fed's Bernanke this week.

Edward Hugh is just spreading the love around these days. I think there are some real break-through's. By the way Brad whose side are you on the deflation hawks or the inflation hawk's? fess up!

Posted by: Michael Carroll on January 7, 2004 05:48 PM


He's also contributing to southern exposure, living in china, living in india, bulgaria watch, and a bunch of others. Frequent updates; all long substantive, intelligent and very well-written posts. The guy's simply not human. It's downright scary.

Posted by: DAvid Weman on January 7, 2004 06:32 PM


I assumed Brad was linking to this post

the long substantive followup of today rather than the "light warmup post" from two days ago.

Posted by: DAvid Weman on January 7, 2004 06:40 PM



Posted by: David Weman on January 7, 2004 06:47 PM


Its amazing how willingness to be public affects the standing. Krugman with his NYTimes column. Roach with his Morgan Stanley GEF column. Maybe they should have having a personal blog a precondition for a Nobile Prize. A point for our gracious host.

Posted by: Leopold on January 7, 2004 10:59 PM


I read the links quickly and didn't find backing to the one claim which interested me - that northern Europeans are lending Portugal 10% of GDP a year. Since the Portuguese government's deficit is less than a third of that, is one talking about private debt as well? Could someone kindly supply me the link?

Posted by: Andrew Boucher on January 8, 2004 12:47 AM


Funny, I immediately thought it was intentionally mimicking the American union of states.

Posted by: theCoach on January 8, 2004 07:01 AM


Post a comment