i know, i was expressing frustration at the market's view of things. i swear, people probably think "oh it's going to go down so i'm shorting the euro and the CAC 40 and the PSI 20 and eurozone government bonds anything else euro-related that i can think of" instead of stopping to think exactly how these changes will affect the underlying economies and the performance of companies listed in the region.
i really don't think austerity, at least the way it's being dished out now, is helping. unemployment, bankruptcies and foreclosures are still rising in Portugal. VAT is higher, and for what? i read some projection claiming that the state will actually make LESS VAT because of the hike! so where will the growth come from?
i agree that we need a deleveraging, i do not agree that this is the way to accomplish it.
just hope Hollande doesn't go all populist and go and increase the minimum wage or something.