On June 20 we prematurely reported on the collapse of Europe. It turns out the rumours of its collapse were badly exaggerated.
We might have been talking about the economy, but in fact we were talking about the World Cup, for at that time it looked like that Euro teams were BADLY underperforming, with results on “the pitch” that echoed the ructions within the eurozone.
Well, we still have one more semifinal match, but we know for sure that we’re looking at an all-Europe final, with the Netherlands to play either Germany or Spain.
Conveniently for the sake of analogy, the eurozone has even found a little spring in its step. The euro is up nicely since June 20, as it’s in the midst of a nice multi-week rally against the dollar and other currencies. Markets have stabilised (somewhat) and if the stress tests do any good, then the sun may yet shine over Brussels.
Europe: It’s ALIVE!
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