Steve Barrow of Standard Banke and Tim Linacre of Panmure Gordon spoke to CNBC this morning about the situation in the eurozone and the threat of Spain.
- 0:30 Steve Barrow: Ireland has done everything the EU has wanted up until now. It hasn’t worked. It shows that it doesn’t matter whose pace you do it at.
- 1:25 Tim Linacre: What’s happening in Europe is that everyone is hoping Spain can solve problems as everyone muddles along with Portugal and Ireland.
- 2:20 Barrow: Ireland is a banking problem, Greece is a public debt problem. But this doesn’t matter, the market sees the situation as being untenable.
- 3:25 Linacre: Taking on the market ends up being futile. There is real risk of some sort of collapse. Markets will end up winning out.
- 4:00 Linacre: The recovery of the euro since the Greek bailout has nothing to do with the Greek bailout and everything to do with externals like QE2.
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