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France is Europe's 'time bomb' according to the Economist.


just john

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''The external current-account deficit has swung from a small surplus in 1999 into one of the euro zone’s biggest deficits. In short, too many of France’s firms are uncompetitive and the country’s bloated government is living beyond its means.

France rather than Italy or Spain could be where the euro’s fate is decided. Mr Hollande does not have long to defuse the time-bomb at the heart of Europe.''

 

http://www.economist.com/news/leaders/21566640-why-france-could-become-biggest-danger-europes-single-currency-time-bomb-heart

 

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As any non-British economist in Europe will tell you: 'The Economist' is right about France, but it oversees the even bigger problems in the UK.

The UK is not even paying the coupon on gilts that were 'bought' by the BoE with the £ 375 BILLION they created out of thin air. That is in fact a technical default and the correct rating of the UK should now be 'D' . It will not be long before the UK loses its first A. (beginning 2013)

As a British exit from the EU is now becoming more and more unavoidable, the City will lose its business to banks based in 'Euroland'. The potential risk alone is already hurting business and it will not stop.

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