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Tue, Jul 26th 2011, 01:58

Eric Carrera Lowe, Asian Business Consultant , (4)

On the Euro, I have always been a critic and doubter as how it could survive in such a multi-cultural environment. When the suggestion of a single European currency was first raised, I seriously doubted that it would work. The economic systems of all European countries are very different and are not all in par that it could tick like clock work. Margaret Thatcher was the first to voice her opposition and thanks to her (and later Gordon Brown), the pound remain outside the Eurozone. The fact that it was the poorer countries (also poorly managed countries) like Greece & Spain with Portugal that are in trouble is hardly surprising. That the housing bubble that burst in the late 2000's (which resulted in the bankruptcy of Iceland and difficulties of Ireland) added fuel to the situation which is one that showed the weakness of the Euro to maneuver during a crisis. Most of the economist agree that it is not a question of Greece defaulting or not but when ? Of course it is too early to see how this is going to play out in Europe, but one cannot be not anxious about it when it does. Like Bette Davis's character Margo Channing commented in the movie "All About Eve" "Hold on to your seat belts, it is going to be a bumpy night." We are going to experience the bumpiness soon enough.