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But his most recent musings contrast somewhat with a more cynical assessment of Europe’s fortunes he made last September.
Back then he said that Singapore, despite its large financial reserves, would not be able to rescue Europe by buying its bonds due to the island nation’s relatively small economic size.
Moreover, he indicated he believed that buying bonds in general would not necessarily solve the structural problems facing the 27-member state region.
“There’s a fundamental problem in the euro in that it makes (each member) country march to the same drummer. Whereas each country has its own tempo, and you cannot expect the Greeks to march like the Germans,” he said in September.
- http://blogs.wsj.com/searealtime/2012/03/16/lee-kuan-yew-euro-debt-might-be-a-good-buy-after-all/
Back then he said that Singapore, despite its large financial reserves, would not be able to rescue Europe by buying its bonds due to the island nation’s relatively small economic size.
Moreover, he indicated he believed that buying bonds in general would not necessarily solve the structural problems facing the 27-member state region.
“There’s a fundamental problem in the euro in that it makes (each member) country march to the same drummer. Whereas each country has its own tempo, and you cannot expect the Greeks to march like the Germans,” he said in September.
- http://blogs.wsj.com/searealtime/2012/03/16/lee-kuan-yew-euro-debt-might-be-a-good-buy-after-all/
