Gonzalo Lira on a Eurozone Marriage turned Orgy and a Latin American Divorce!
Welcome to Capital Account. Spain is poised to seek a bailout for its banks possibly as early as tomorrow, according to media reports. Different estimates put the money needed for a Spanish bank bailout at anywhere from 27 to 100 billion euro. Meanwhile, figures show Greece’s economy shrank at a rate of 6.5 per cent for the first time in three months this year. There appears to be a collapse going on regardless of what Europe’s technocrats and politicians say. What is this going to look like? Well, Gonzalo Lira says he’s seen this all before in Latin America. He’ll take us back to Chile in 1983. He is joining us live from Santiago.
And US president Barack Obama held a press conference Friday about some of the fiscal headwinds facing the American economy. Europe is the US’s largest trading partner as Obama points out, but is the eurozone crisis also helping the US? Are Europe's woes helping put upwards pressure on the dollar, sustaining fiscal deficits and chronic debt addictions for Uncle Sam?
Finally, from bunker timeshare plans to deflation, to MF Global consumers from Australia, we respond to our viewers from around the world in viewer feedback.