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Hellenic headaches

Reducing current account deficits in the eurozone is about politics as much as economics, says Mick Jones

11 April 2013

Life for wealth managers would be so much easier if the eurozone would just behave itself. According to a BNY Mellon investor relations survey published in December 2012, 76 per cent say the eurozone is the key driver in market confidence. It's a major concern for western European companies but still of great importance to those in North America.

With the recent press coverage of the Cyprus crisis and the Greek "bail out" still fresh in memory and far from certain of success, one could be forgiven for seeing this as a Greek problem. However, might that be too simplistic?

Let's go back to the beginning. Greece joined the euro in 2001 when the yield on its ten-year bonds was 5.36 per cent. Now fast forward to 2008. Cyprus and Malta join the euro and the first shock to global ma...

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