Friday, November 4 2011 22:37

Europe may find itself in a nightmare if the crisis in Greece reaches Italy, Spain and Portugal


ArmInfo. Europe may find itself in a nightmare if the crisis in Greece reaches the other European counties, in particular, the countries with bigger economy, such as Italy, Spain and Portugal, Vice President of the European Bank for Reconstruction and Development Jan Fischer told media in Yerevan, Friday.

Evidently, he said, the crisis in the Eurozone is very serious and there are no perfect solutions to it. Political figures seek solutions that would be at least better than the worst ones. Jan Fischer said they can see clearly that behaviors of politicians and markets are connected. It is hardly possible to predict anything, as markets are very sensitive. At the same time, he pointed out that the EBRD constantly follows the behavior of the European markets, and in the global economy nobody is "insured" against possible consequences. Jan Fischer recommends the governments to be more careful in their fiscal policies.

When speaking about Armenia, Fischer said that the comparative advantage of Armenia over the period of the first wave of the crisis was its healthy banking system, which smoothly got through the crisis without toxic assets or any serious shocks for liquidity.
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