European Commission former President Romano Prodi: Creek crisis is over.

European Commission former President Romano Prodi: Creek crisis is over.

The former European Commission President Romano Prodi is quite optimistic about the situation in Europe. According to him, Greek financial crisis is over, so there is nothing dangerous for other European countries.

Prodi claimed that European nations have done enough at this point now. He thinks that Spain and Portugal can allow themselves not being in a hurry in solving their financial problems.  He added that the fall of single currency would be beneficial for European economy.

However, investors are not as sure about Greece as the former Italian prime minister. They demand extra yield for holding Greek 10-year bonds is still higher in four times than the level of two years ago. The premium on Spanish 10-year is twice bigger of two years ago level.

While French President Nicolas Sarkozy declared on March 7 that euro zone has to provide Greece with help, German Chancellor Angela Merkel didn’t approve any kind of bailout. Greek authorities make huge efforts to prove that it’s able to reduce budget deficit conducting measures for 4.8 billion euro ($6.5 billion) such as spending cuts and tax increases.

Market news and analytics — FBS

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