I have some interesting ideas on the eurozone regarding France, a housing decline and its divergence from the rest of Europe. But I am going to save that for a later post. Suffice it to say the German - French spread is widening; it is at 61 basis points for 10-year securities. And France was the only nation except Greece that saw a manufacturing PMI below 50 in the last month’s data for the eurozone. The Netherlands, which I contrasted to France last month, had the highest numbers. What is this telling us? It depends on what timeframe you are using. So I want this post to address two things: investing and economic timeframes and the eurozone.
The European private debt problem
First, I see the European sovereign debt crisis as mostly about private debt. The Economist gave us some good ...
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Edward Harrison is the founder of Credit Writedowns and a former career diplomat, investment banker and technology executive with over twenty five years of business experience. He has also been a regular economic and financial commentator in print and on television for the past decade. He speaks six languages and reads another five, skills he uses to provide a more global perspective. Edward holds an MBA in Finance from Columbia University and a BA in Economics from Dartmouth College.