And it requires a change in the time horizon and risk appetite of investors who for several years now have been hoarding liquidity and “quality”. The way forward is in profitability of REAL business investment, and improved international competitiveness of those economies and sectors which are in need to deleverage.
If you set up your social security, your government expenditure on the basis of economic growth of 4%, while only 1% or less is realised for many years, then you enter into a vicious circle. That is why we need a comprehensive approach. Even if anti-euro parties do not win a majority, they will still have strong support.