The Euro Crisis is Behind Us, Says Hollande
French President Francois Hollande has good news regarding the euro crisis. Apparently, the crisis is behind us. Speaking in Oslo after the European Union was presented with the Nobel Peace Prize Hollande said:
The euro crisis, I've said it before, is behind us. We've given Greece the funds it was waiting for. In Spain we've helped keep the banks afloat. In Italy, even if there's political uncertainty, I'm sure the Italians will address it.
German Chancellor Angela Merkel was not so optimistic:
I cannot lift the alert completely, I am a prudent optimist.
It is hard to take the economic forecasts of the French president seriously. The taxes and regulations introduced by Hollande's socialist government have prompted millionaires to flee France and encouraged bankers to look for loopholes.
Back in August, Citigroup predicted that chance of Greece leaving the euro within two months was 90 percent. More recently, Standard and Poor's chief Moritz Kraemer put the chance of a future Greek government leaving the eurozone at 33 percent. The Chief Economist at Saxo Bank said last month that a Greek exit from the euro is likely within six months.
So, while predictions vary, few seem to see the crisis as definitively "behind us." Things must look rosy from the Élysée Palace.