The European Union Crisis

The Euro’s recent sharp descent against the dollar makes us doubt about the strength of the Euro and makes us think about the real possibility of reaching parity with the Dollar. The negative tendency of the Euro started in November as a result of the fears of unsustainable fiscal imbalances of several European countries. Finally, the Euro hit an 11 month low last week. This drop is the consequence of Europe’s immersion in a deep economic crisis product of the large debt levels of Portugal, Ireland, Italy, Greece and Spain.

Oddly, this sharp drop of the European currency occurred contemporaneously with the European leaders’ summit to decide how to help Greece. Indeed, Greece’s big debt is making the European markets suffer. And more are to follow. Portugal, has already announced a negative long term debt, and Spain is trying to deal with a 20% unemployment rate. The Union is now focusing its efforts on how to help the highly indebted members.

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DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

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