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Euro Global Poll Shows More Than 50% Predicting an Exit
Posted By admin On May 10, 2012 @ 3:28 am In Money Watch | Comments Disabled
May 10, 2012
The 17-nation euro area is on the verge of losing one of its members, with more than 50 percent of investors predicting an exit this year as Greece’s election impasse threatens to push the debt crisis to new depths, according to the Bloomberg Global Poll.
As Greece faces political paralysis and voters balk at austerity, 57 percent of the 1,253 investors, analysts and traders who are Bloomberg subscribers said at least one country will abandon the euro by year-end and 80 percent expected more pain for Europe’s bond markets.
With a majority identifying a deterioration in Europe as a large threat to the world economy, respondents to the May 8 survey were increasingly worried Spain will default and less willing to buy French debt as Francois Hollande takes power.
Europe’s financial turmoil is reigniting on the second anniversary of policy makers’ first attempt to prevent Greece’s fiscal woes from turning toxic. That raises fresh doubt over the crisis-fighting strategy just as Greece’s inconclusive election spurs concern that the country may not meet the terms of its international rescues and will seek a solution outside the euro.
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