Eurozone crisis: A Geography Lesson and Euros2012 from a eurozone crisis perspective.

As we head towards what may be a crucial and pivotal weekend in the markets, an election by a nation which represents approximately 0.164% of the world’s population, 3.3% of the Eurozone’s population and 2.65% of its GDP has global markets enthralled:

I thought as we head into this weekend it might therefore be an idea to take a slightly lighter-hearted look at a couple of matters. 

Geography Lesson from Eurozone ministers et al

I would first like to thank various ECB ministers, and members of respected global organizations and journals for clarifying a few matters of a geographical nature in recent years.

1. "Spain is not Greece."
Elena Salgado, Spanish Finance minister, Feb. 2010

2. "Portugal is not Greece."
The Economist, 22nd April 2010.

3. "Ireland is not in 'Greek Territory.'"
Irish Finance Minister Brian Lenihan.

4. "Greece is not Ireland."
George Papaconstantinou, Greek Finance minister, 8th November, 2010.

5. "Spain is neither Ireland nor Portugal."
Elena Salgado, Spanish Finance minister, 16 November 2010.

6. "Neither Spain nor Portugal is Ireland."
Angel Gurria, Secretary-general OECD, 18th November, 2010.

7. "Italy is not Spain"

Ed Parker, Fitch MD, 12 June 2011

And just in case anyone was confused by Spain’s proximity to the African Landmass: we have Spanish Prime minister Mariano Rajoy to thank for clearing this last point up, by pointing out to his finance minister last weekend, that

8. "Spain is not Uganda"

Thank you to the BBC who have very kindly provided a nice webpage comparing the 2 countries at the following link: http://www.bbc.co.uk/news/magazine-18408448. Whilst Spain is of course a vastly wealthier nation, the BBC rather nicely point out that Spanish growth last year was -0.1% versus 5.2% for Uganda, and that unemployment is at 24% in Spain versus 5.2% in Uganda.

Euro 2012 and the Eurozone Crisis.

For those of my readers who are not football (known across the great pond as Soccer) fans, we happen to be in the midst of the ‘once every 4 yearly’ European National Championships, known as Euro 2012, and what a great feast of football it has been too (so much better than the World Cup).

This has proved a wonderful distraction from the Euro Crisis over here, with the holders Spain look very strong, however the favourites currently appear to be Germany, how ironic that would be for Germany to come out on top of Spain as eventual winners. - However a word of caution to the Germans, success in international tournaments may not be in the best interests of a nation if the recent Eurocrisis is anything to go by. – The past four winners of major international tournaments have been Greece in 2004, Italy in 2006, Spain in 2008 and Spain again in 2010, so perhaps Germany may want to hold back a little. - In truth however thus far they appear to be flying, winning both their matches so far in the very tough Group B, which also includes, Holland, Portugal and Denmark, and has not surprisingly earned the title of 'Group of Death’. – What a shame however that Portugal were not drawn in Group C instead of Croatia, Group C also includes Spain, Italy and Ireland, and has not surprisedly earned the rather comical title, ‘Group of Debt’. – Finally as we head into the weekend, in what seems one of those cruel twists of fate, just prior to Greek voters ambling off to the polls to vote, Greece’s exit from the Euros could be sealed if they lose their match tomorrow night. In fact to continue the irony, even a draw would of no use, and to stretch the irony a little bit further, even a Greek victory may not be enough to keep them in the Euros, particularly if Poland beat the Czechs, thus in a final twist of irony (and to use a dreadful pun) it maybe the Poles which finally seal Greece's exit from the Euros. - That would be a Greek tragedy.

On that note, I wish you all a great weekend, and to remind any Greek readers of happier days in include a short video clip of past footballing glories: