Thursday, June 20th, 2013
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Corporate Finance/M&A Corner
BY Les Nemethy
CEO Euro-Phoenix Financial Advisors READ MORE

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The crisis around Greece and the euro seems to have subsided – for the moment. The European Central Bank has flooded the European financial system with liquidity using the Long-Term Refinancing Operation (LTRO), yet another form of monetary easing. Financial markets seem to be recovering nicely.

Is the LTRO likely to be successful in curing Europe’s crisis? Let me use a corporate analogy: If a company is hemorrhaging financially because it has lost it competitive edge, is flooding the company with liquidity (e.g. providing it with easy credit) likely to solve the problem? The liquidity may keep the company alive, but in and of itself, liquidity is not the solution. The liquidity may only serve to postpone the day of reckoning (e.g. bankruptcy), when the assets of the company are sold to entities that can generate a higher return on them. If, however, the company uses the liquidity to restructure (make its product offering more competitive, whether through research & development, cost cutting, etc.), then the liquidity may serve a constructive purpose.

So what is the evidence: Is this massive injection of liquidity to the European economy afforded by the LTRO creating restructuring on a sufficiently massive scale? I will argue that the LTRO is triggering vastly insufficient amounts of restructuring, for at least two reasons:

First, because the LTRO is aimed at banks, not the productive sectors. Only banks may take advantage of it. And the evidence shows that even though the banks have benefited from this infusion of liquidity, the banks themselves have not expanded the credit available to the productive sector. In fact, in many European countries, banks seem to have dramatically curtailed lending to the corporate sector over the past two or three years.

Second, the banks seem to be relatively relaxed about restructuring themselves. Many of them can make a nice spread on holding government bonds; no need to get their hands dirty trying to work out problem loans or taking risks increasing lending to the business sector. While I’m not sure statistics are available on the subject, anecdotal evidence from the banks that I have been in touch with is that they generally procrastinate on working out their often massive problem-loan portfolios.

Let me approach the question from a different angle: Let us envision, what should the Greek, Spanish or Portuguese economies look like, if Europe’s strategy for dealing with the euro crisis were successful? They should look more like the German economy, with large numbers of companies exporting products and services to places like Asia and the US. Until this happens, there will always be massive stresses in Europe, as the so-called “peripheral” countries that are part of the euro zone cannot devalue their currency to create competitiveness. To be competitive, they must restructure, but restructuring is not happening anywhere near the necessary degree, creating the danger that Europe will remain a “two-track” economy, or worse, will be torn apart.

In 2000, Europe adopted the goals of the Lisbon Agenda: to become the most competitive society on Earth. The Nordic countries and Germany restructured massively, and became globally competitive. Germany has become Europe’s export juggernaut. But outside the Nordic countries and Germany, the Lisbon Agenda lies in tatters. After the great fanfare and failure of the Lisbon agenda, Eurocrats don’t seem to dare to target improvements in competitiveness any more. It is not even on the agenda.

Injecting liquidity into the European financial system without tackling fundamental issues of competitiveness is the equivalent of applying a Band-Aid to an open wound. The European Union and member governments need to take aim at the economic crisis with both barrels: liquidity and competitiveness. Competitiveness must return to the agenda.

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2013-02-17, 2:50:53 | uareaulavo | 180
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2013-02-17, 2:50:56 | uareaulavo | 180
Jean Schlumberger Lynn ring in 18k gold with diamonds set in platinum. - $200.00 : TITLE, SITE_TAGLINE
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2013-03-07, 4:58:05 | rymcvickermarjo | 180
Omega De Ville Co-Axial 423.13.37.50.01.001 [423-13-37-50-01-001] - $208.50 : TITLE, SITE_TAGLINE
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2013-03-07, 4:58:08 | rymcvickermarjo | 180
Omega De Ville Co-Axial 423.13.37.50.01.001 [423-13-37-50-01-001] - $208.50 : TITLE, SITE_TAGLINE
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2013-03-07, 4:58:09 | rymcvickermarjo | 180
Omega De Ville Co-Axial 423.13.37.50.01.001 [423-13-37-50-01-001] - $208.50 : TITLE, SITE_TAGLINE
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2013-03-29, 1:45:21 | sareastalia | 180
Calvin Klein, Mens Watches, Calvin Klein Celerity
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2013-03-29, 1:45:24 | sareastalia | 180
Calvin Klein, Mens Watches, Calvin Klein Celerity
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2013-03-29, 1:45:25 | sareastalia | 180
Calvin Klein, Mens Watches, Calvin Klein Celerity
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2013-04-03, 4:02:01 | sareastalia | 180
Tips to save wedding dresses
Wedding dress brought home after the wedding, it is necessary to carefully hide it in the bottom, to save life. No matter it is expensive or cheap wedding dresses.All of them with your sweet memories.However, if you are easily put it entrusted to the streets of small laundries, may regret it for life ---- wedding maintenance and other precious clothing is very different. Once you master a few tips, and your own cleaning, preservation wedding is not difficult. I bought my wedding dress online and the dress was delivered EXACTLY as pictured. The materials are very high quality and the beading is an intricate lace pattern done with beads that is beautiful in person. I would like to recommend anyone looking for a designer dress to order wedding dress in the site. You can click the picture to order wedding dress in the site. Very very beautiful wedding dress, just like in the picture. Wedding wash, wet cleaning is the key, because the small wedding decorations, such as beaded trim, can not stand the erosion of dry cleaning chemicals, the best method is to mix wedding into a moderate, neutral detergent in water soak for a while, it can washed the dinner wine, Hun and other stains left behind, more bubbles for a while, even the invisible stains such as perspiration, white wine stains can be removed. Wedding wash, dry thoroughly, you can collect up to be stored in a cool, dry place, such as a closet or under the bed, remember, do not hang up the wedding, because the elderly are run, so weighty point the wedding will produce vertical force, stretching or even tearing the skirt body. The wedding greatly panniers can be reversed up collection, but every year Fanshai clothing, to hoop skirts restitution, lest it loses its elasticity. There are two minor issues to be mentioned: First, before collection of wedding you want to wash your hands, do not glue cosmetics, or over time, there will be a small yellow spot on the wedding.
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2013-04-03, 4:02:02 | sareastalia | 180
Tips to save wedding dresses
Wedding dress brought home after the wedding, it is necessary to carefully hide it in the bottom, to save life. No matter it is expensive or cheap wedding dresses.All of them with your sweet memories.However, if you are easily put it entrusted to the streets of small laundries, may regret it for life ---- wedding maintenance and other precious clothing is very different. Once you master a few tips, and your own cleaning, preservation wedding is not difficult. I bought my wedding dress online and the dress was delivered EXACTLY as pictured. The materials are very high quality and the beading is an intricate lace pattern done with beads that is beautiful in person. I would like to recommend anyone looking for a designer dress to order wedding dress in the site. You can click the picture to order wedding dress in the site. Very very beautiful wedding dress, just like in the picture. Wedding wash, wet cleaning is the key, because the small wedding decorations, such as beaded trim, can not stand the erosion of dry cleaning chemicals, the best method is to mix wedding into a moderate, neutral detergent in water soak for a while, it can washed the dinner wine, Hun and other stains left behind, more bubbles for a while, even the invisible stains such as perspiration, white wine stains can be removed. Wedding wash, dry thoroughly, you can collect up to be stored in a cool, dry place, such as a closet or under the bed, remember, do not hang up the wedding, because the elderly are run, so weighty point the wedding will produce vertical force, stretching or even tearing the skirt body. The wedding greatly panniers can be reversed up collection, but every year Fanshai clothing, to hoop skirts restitution, lest it loses its elasticity. There are two minor issues to be mentioned: First, before collection of wedding you want to wash your hands, do not glue cosmetics, or over time, there will be a small yellow spot on the wedding.
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2013-04-03, 4:02:03 | sareastalia | 180
Tips to save wedding dresses
Wedding dress brought home after the wedding, it is necessary to carefully hide it in the bottom, to
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2013-04-06, 20:44:32 | rymcvickermarjo | 180
Rado Watches, Womens Watches
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2013-04-20, 1:43:48 | sareastalia | 180
Hermes Birkin 30 Bag Pink Gold - $273.00 : Hermes Handbags Online Stores, hermesoutletcompany.com
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Sign In or Register Your cart is empty $(function(){ $(".menu-mitop").mouseover(function(){ var i=$(".menu-mitop").index(this); $(".hideul").eq(i).show().siblings(".hideul").hide(); $(".menu-mitop").stop(); }); $(".menu-mitop").mouseout(function(){ var i=$(".menu-mitop").index(this); $(".hideul").eq(i).hide(); }); $(".hideul").mouseover(function(){ $(this).show(); }); $(".hideul").mouseout(function(){ $(this).hide(); }); }); Home Hermes Birkin Hermes Handbags Hermes Kelly Accessory Birkin 22CM Birkin 25CM Birkin 30CM Birkin 35CM Birkin 40CM Birkin 42CM Birkin 45CM Casual bags Cattle Neck Stripe Evelyne Bag Fish Bag Garden Party Tote Jipsy Gypsy Lindy Bags Massia bags Picotin Herpicot Kelly 22CM Kelly 32CM Kelly 35CM Hermes Wallets Men Bags Currencies US Dollar CNY Euro GB Pound Canadian Dollar Australian Dollar Jappen Yen Norske Krone Swedish Krone Danish Krone Categories Hermes Birkin Bags Birkin 22CM Birkin 25CM Birkin 30CM Birkin 35CM Birkin 40CM Birkin 42CM Birkin 45CM Hermes Handbags Hermes Kelly Bags Hermes Accessory Featured -   [more] Hermes Birkin 35 Bag Crocodile Blue Silver$1,700.00  $303.00Save: 82% offHermes Birkin 40 Bag Light Blue Gold$1,560.00  $283.00Save: 82% offHermes Birkin 30 Bag Ostrich Stripe Rose Pink Gold$1,700.00  $303.00Save: 82% offHermes Birkin 35 Bag Crocodile Veins Peach Silver$1,700.00  $303.00Save: 82% off Home ::  Hermes Birkin Bags ::  Birkin 30CM ::  Hermes Birkin 30 Bag Pink Gold .jqzoom{ float:left; position:relative; padding:0px; cursor:pointer; width:301px; height:300px; } $(document).ready(function(){ $(".jqzoom").jqueryzoom({ xzoom: 282, //zooming div default width(default width value is 200) yzoom: 282, //zooming div default width(default height value is 200) offset: 5, //zooming div default offset(default offset value is 10) position: "right", //zooming div position(default position value is "right") preload:1, lens:1 }); $("#jqzoomimages").jqzoomimages({ sImgList: ["images//hermes_3/Hermes-Birkin-Bags/Birkin-30CM/Hermes-Birkin-30-Bag-Pink-Gold.jpg","images//hermes_3/Hermes-Birkin-Bags/Birkin-30CM/Hermes-Birkin-30-Bag-Pink-Gold-1.jpg","images//hermes_3/Hermes-Birkin-Bags/Birkin-30CM/Hermes-Birkin-30-Bag-Pink-Gold-2.jpg","images//hermes_3/Hermes-Birkin-Bags/Birkin-30CM/Hermes-Birkin-30-Bag-Pink-Gold-3.jpg"], lImgList: ["images//hermes_3/Hermes-Birkin-Bags/Birkin-30CM/Hermes-Birkin-30-Bag-Pink-Gold.jpg","images//hermes_3/Hermes-Birkin-Bags/Birkin-30CM/Hermes-Birkin-30-Bag-Pink-Gold-1.jpg","images//hermes_3/Hermes-Birkin-Bags/Birkin-30CM/Hermes-Birkin-30-Bag-Pink-Gold-2.jpg","images//hermes_3/Hermes-Birkin-Bags/Birkin-30CM/Hermes-Birkin-30-Bag-Pink-Gold-3.jpg"], vImgList: ["images//hermes_3/Hermes-Birkin-Bags/Birkin-30CM/Hermes-Birkin-30-Bag-Pink-Gold.jpg","images//hermes_3/Hermes-Birkin-Bags/Birkin-30CM/Hermes-Birkin-30-Bag-Pink-Gold-1.jpg","images//hermes_3/Hermes-Birkin-Bags/Birkin-30CM/Hermes-Birkin-30-Bag-Pink-Gold-2.jpg","images//hermes_3/Hermes-Birkin-Bags/Birkin-30CM/Hermes-Birkin-30-Bag-Pink-Gold-3.jpg"], pageNo: 1, pagesize: 4, imgWidth: 55, imgHeight: 55, bigImageId: "jqzoomimg" }); }); larger image Hermes Birkin 30 Bag Pink Gold $1,550.00  $273.00Save: 82% off Add to Cart: Hermes Birkin 30 Bag Pink Gold Description: Size: 30*23*16(CM) Each time when you set the Hermes Birkin 30 handbags down,there are 4 palladium feet at the bottom to protect your treasure. 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2013-04-20, 1:43:50 | sareastalia | 180
Hermes Birkin 30 Bag Pink Gold - $273.00 : Hermes Handbags Online Stores, hermesoutletcompany.com
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Sign In or Register Your cart is empty $(function(){ $(".menu-mitop").mouseover(function(){ var i=$(".menu-mitop").index(this); $(".hideul").eq(i).show().siblings(".hideul").hide(); $(".menu-mitop").stop(); }); $(".menu-mitop").mouseout(function(){ var i=$(".menu-mitop").index(this); $(".hideul").eq(i).hide(); }); $(".hideul").mouseover(function(){ $(this).show(); }); $(".hideul").mouseout(function(){ $(this).hide(); }); }); Home Hermes Birkin Hermes Handbags Hermes Kelly Accessory Birkin 22CM Birkin 25CM Birkin 30CM Birkin 35CM Birkin 40CM Birkin 42CM Birkin 45CM Casual bags Cattle Neck Stripe Evelyne Bag Fish Bag Garden Party Tote Jipsy Gypsy Lindy Bags Massia bags Picotin Herpicot Kelly 22CM Kelly 32CM Kelly 35CM Hermes Wallets Men Bags Currencies US Dollar CNY Euro GB Pound Canadian Dollar Australian Dollar Jappen Yen Norske Krone Swedish Krone Danish Krone Categories Hermes Birkin Bags Birkin 22CM Birkin 25CM Birkin 30CM Birkin 35CM Birkin 40CM Birkin 42CM Birkin 45CM Hermes Handbags Hermes Kelly Bags Hermes Accessory Featured -   [more] Hermes Birkin 35 Bag Crocodile Blue Silver$1,700.00  $303.00Save: 82% offHermes Birkin 40 Bag Light Blue Gold$1,560.00  $283.00Save: 82% offHermes Birkin 30 Bag Ostrich Stripe Rose Pink Gold$1,700.00  $303.00Save: 82% offHermes Birkin 35 Bag Crocodile Veins Peach Silver$1,700.00  $303.00Save: 82% off Home ::  Hermes Birkin Bags ::  Birkin 30CM ::  Hermes Birkin 30 Bag Pink Gold .jqzoom{ float:left; position:relative; padding:0px; cursor:pointer; width:301px; height:300px; } $(document).ready(function(){ $(".jqzoom").jqueryzoom({ xzoom: 282, //zooming div default width(default width value is 200) yzoom: 282, //zooming div default width(default height value is 200) offset: 5, //zooming div default offset(default offset value is 10) position: "right", //zooming div position(default position value is "right") preload:1, lens:1 }); $("#jqzoomimages").jqzoomimages({ sImgList: ["images//hermes_3/Hermes-Birkin-Bags/Birkin-30CM/Hermes-Birkin-30-Bag-Pink-Gold.jpg","images//hermes_3/Hermes-Birkin-Bags/Birkin-30CM/Hermes-Birkin-30-Bag-Pink-Gold-1.jpg","images//hermes_3/Hermes-Birkin-Bags/Birkin-30CM/Hermes-Birkin-30-Bag-Pink-Gold-2.jpg","images//hermes_3/Hermes-Birkin-Bags/Birkin-30CM/Hermes-Birkin-30-Bag-Pink-Gold-3.jpg"], lImgList: ["images//hermes_3/Hermes-Birkin-Bags/Birkin-30CM/Hermes-Birkin-30-Bag-Pink-Gold.jpg","images//hermes_3/Hermes-Birkin-Bags/Birkin-30CM/Hermes-Birkin-30-Bag-Pink-Gold-1.jpg","images//hermes_3/Hermes-Birkin-Bags/Birkin-30CM/Hermes-Birkin-30-Bag-Pink-Gold-2.jpg","images//hermes_3/Hermes-Birkin-Bags/Birkin-30CM/Hermes-Birkin-30-Bag-Pink-Gold-3.jpg"], vImgList: ["images//hermes_3/Hermes-Birkin-Bags/Birkin-30CM/Hermes-Birkin-30-Bag-Pink-Gold.jpg","images//hermes_3/Hermes-Birkin-Bags/Birkin-30CM/Hermes-Birkin-30-Bag-Pink-Gold-1.jpg","images//hermes_3/Hermes-Birkin-Bags/Birkin-30CM/Hermes-Birkin-30-Bag-Pink-Gold-2.jpg","images//hermes_3/Hermes-Birkin-Bags/Birkin-30CM/Hermes-Birkin-30-Bag-Pink-Gold-3.jpg"], pageNo: 1, pagesize: 4, imgWidth: 55, imgHeight: 55, bigImageId: "jqzoomimg" }); }); larger image Hermes Birkin 30 Bag Pink Gold $1,550.00  $273.00Save: 82% off Add to Cart: Hermes Birkin 30 Bag Pink Gold Description: Size: 30*23*16(CM) Each time when you set the Hermes Birkin 30 handbags down,there are 4 palladium feet at the bottom to protect your treasure. Hermes Birkin bags known, unique style and quality of quality, making it the highest quality leather. The quality of the Hermes Birkin bag, due to strict quality parameters should not continue to the market success of plastic bags. The bags are so serious quality parameters with the number of sacks, a few pockets of quality control for sale. Hermes bags buyers will get pleasant surprise,Hermes handbags wish you happy shopping! Related Products Hermes Birkin 30 Bag White Silver Hermes Birkin 30 Bag Crocodile Veins Dark Coffee Silver Hermes Birkin 30 Bag Ostrich Stripe Red Orange Green Silver Hermes Birkin 30 Bag Crocodile Veins Red Gold Home   Shipping   Wholesale   Order Tracking   Coupons   Payment Methods   Contact Us   HERMES BIRKIN    HERMES CASUAL BAGS    HERMES EVELYNE BAG    DIsCOUNT HERMES HANDBAGS   HERMES KELLY   Copyright © 2012 All Rights Reserved. hermes outlet bags hermes outlet belt hermes outlet online hermes discount store ermes outlet online shop
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2013-04-20, 1:43:52 | sareastalia | 180
Hermes Birkin 30 Bag Pink Gold - $273.00 : Hermes Handbags Online Stores, hermesoutletcompany.com
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2013-04-22, 12:26:04 | sareastalia | 180
Tiffany Jazz™ graduated band ring with pink sapphires and diamonds in platinum. - $295.00 : TITLE, SITE_TAGLINE
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2013-04-22, 12:26:06 | sareastalia | 180
Tiffany Jazz™ graduated band ring with pink sapphires and diamonds in platinum. - $295.00 : TITLE, SITE_TAGLINE
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2013-04-22, 12:26:08 | sareastalia | 180
Tiffany Jazz™ graduated band ring with pink sapphires and diamonds in platinum. - $295.00 : TITLE, SITE_TAGLINE
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