In the markets continue to hear talk that the euro area as a union of states can decay - the fault of large-scale problems in Greece and her companions in misfortune.
There was even an acronym - the country PIGS - this is Portugal, Ireland, Greece, Spain. Their budget deficits exceed the permissible once in the euro area and the state of the labor market in general leaves much to be desired. And although by the Greek authorities continue to sound the assurance of a rapid neutralization of the budget deficit due to all possible actions, skepticism of economists did not subside.

The success of the Greek question not sure, and one of the most influential economists in the world, Professor Nouriel Roubini. According to him, he “has never been configured on the future prospects of the euro zone as pessimistic as it is now.” Roubini stresses that right tomorrow the euro area, of course, does not disintegrate, but here is the likelihood that a single organization is divided into two areas - the center and periphery - large enough. “If Greece does not cope with the trials, it will be a problem for the euro area. But if not withstand Spain - it will have a catastrophe”, - said the professor.

Thus, the problem of Spain is now out on the first line of the front and take her rightful place. What distinguished the country? Record levels of unemployment, and huge problems of national financial institutions. And if Greece, many already buried in absentia and recorded a liability, then the problems of Spanish investors, has not yet been scared and rating agencies have not yet demonstrated their contempt for a public credit rating lowered one after another.

However, in the EU, as elsewhere, there are quieter and far-sighted leaders. EU Commissioner for Monetary Policy Joaquin Almunia in particular, has repeatedly called on players not to be afraid of shadows of Greece and not to make a tantrum in a vacuum. Today the European Commission generally approved the plan by the Greek budget deficit reduction of the country, though with some reservations, but still. According to comments of the European Commission during February, the Minister of Finance will review its recommendations in respect of Greece, and the first record of a country must provide, in March. In addition, the end of 2010 Greece must reduce the budget deficit at 4%, and by 2013 it should decrease by 2%.

While we will not predict whether Greece will have time to meet their guarantees, but today, Almunia stressed that the country can cope with the problems independently, and expressed the hope that, if necessary Eurogroup would Greece support in the form of further recommendations. So, all is not lost to Greece - in fact the country”s authorities said on Wednesday about another measure to raise funds in the budget for the long-suffering - freezing of salaries of public servants and increased fuel taxes. It is also proposed to revise the tax policy of the country in order to redirect it to the wealthy - all for the same purpose, to add to the budget of another financial stream.

authorities in Europe try to try to resist any talk about the possible collapse of the euro area and called such comments absurd. Greece will not even hear about to leave the euro zone: finance minister Giorgios PAPACONSTANTINOU eve said that the country can solve its own problem with the budget deficit, and one of Greece does not ask for help. “We never asked to give us financial support, and we do not expect outside assistance”, - underlined the monetary policy.

For all that investors always have something to fear: remember Dubai least. Discussions were almost about doomsday and quick death for the euro - nothing shouted, and then forgotten, the emirate has helped closest sibling, the disaster happened.

Of course, there”s Portugal - last week the agency Moody “s Investors Sc76ervice has hinted that the country must urgently reduce the budget deficit to help the economy get out of the crisis well. It seems that while the country will be under cover to revise their budgets, fears players and poulyagutsya. You have to remember is that problems in the Eurozone and the U.S. are the same - just the scale is somewhat different because of the magnitude and the beginning of the crisis.

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