We know that fears stemming from Greece’s debt crisis are receding somewhat amid talk of concrete EU support for Athens and a narrowing of spreads on Greek government bonds.
We also know that for every growling bear in the worlds of finance, business and macroeconomics, there is always a bull.
But rarely is there a bull as – err, bullish – as former European Commission president Romano Prodi, who on Wednesday roundly proclaimed the end of instability and the start of a new and happy era for the eurozone, even as other European leaders were still locked in heated debate over possible pitfalls ahead for the euro and for Greece.
This from Bloomberg on Wednesday:
The worst of Greece’s financial crisis is over and other European nations won’t follow in its path, said former European Commission President Romano Prodi.
“For Greece, the problem is completely over,” Prodi, who was also Italian prime minister, said in an interview at Bloomberg’s office in Shanghai. “I don’t see any other case now in Europe. I don’t think there is any reason to think the euro system will collapse or will suffer greatly because of Greece.”
Beijing’s leaders can take heart that Prodi will be spreading his distinctive brand of optimism around China as he prepares to take up a teaching position at the China Europe International Business School in Shanghai.
Related links:
Martin Wolf: Germany’s eurozone crisis nightmare – FT
In-depth report: Greece debt crisis - FT.com