Alan Greenspan: The Eurozone Could Change Fundamentally

Alan Greenspan spoke to CNBC this morning about the situation in the eurozone and the failures in the financial system.

  • 1:00 There are unrealized capital gains and losses in the Netherlands and Germany. But the boardrooms will not decide the euro’s fate, the streets will in Athens and Madrid.
  • 2:05 Language differences and mobility differences are something hampering the eurozone, when that doesn’t happen in the U.S.
  • 3:00 One possibility is that there will be fewer members of the eurozone. But the consequences of the destruction of the eurozone are formidable. There are very good reasons why the euro is there.
  • 5:00 I still back market capitalism, surprised by the lack of self-interest in banks, in terms of the risks they were taking. When they were partnerships, this was different.

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