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Aglietta, Michel

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Libération - France | 22/01/2008

The stock exchange crisis is worrying Europe

Interviewed by Christian Losson, professor of economy Michel Aglietta explains why Europe is bound to be most affected in a grave crisis. "Ireland, the United Kingdom and Spain are going through a real-estate crisis that has a lot in common with the United States, though financing techniques differ with price bubbles, loans with variable inflation rates and excessive debts. The real-estate sector is going to crumble, if not collapse, and take its toll on the banks, which are considerably implicated. Germany, currently plumped up with its exportation, will also find itself with a bit of a chill. As for France, a country dreaming of 2 % growth, it's crazy. The most we can hope for is 1.5 %. Europe will be paying the price for its inert presence in globalisation. Incapable of mobilising a budgetary and monetary policy like the United States, it will take more time to recover."

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