@Chris McCarthy wrote:
There has been monumental debate on this forum on the future, stability, division and or otherwise of the Euro as a currency.
Are we at least now all agreed, not least following the statements of Angela Merkel concerning how Europe has to remain united, and all the evidence of the past week that; whatever the debate about the viability of the bailout funds and the partial default of Greece, the Euro is not about to disappear?
Seems to me at least, that despite all the protestations of its imminent collapse and a return to the various sovereign currencies, that this argument is now dead, dusted and gone to join the choir invisible.
Can we all agree on that – love it or hate it – financial crisis continuing – the Euro is plain and simple here to stay?
Word on the bond markets is that Spanish property will need to be devalued by 50% from todays prices at least — the debate at the moment is whether it should be 60% or 70%. Some say more but thats too extreme.
My view is that a 60%-65% devaluation from present levels on Spanish property market values is about right under current conditions.