A colleague sent this to me. Apparently it’s making the rounds:
“Spain is not Greece.” Elena Salgado, Spanish Finance minister,
“Portugal is not Greece.” The Economist, April 2010.
“Greece is not Ireland.” George Papaconstantinou, Greek Finance
minister, November, 2010.
“Spain is neither Ireland nor Portugal.” Elena Salgado, Spanish Finance
minister, November 2010.
“Ireland is not in ‘Greek Territory.'”Irish Finance Minister Brian
Lenihan. November 2010.
“Neither Spain nor Portugal is Ireland.” Angel Gurria, Secretary-general
OECD, November, 2010.
“Italy is not Spain” – Ed Parker, Fitch MD, 12 June 2012
“Spain is not Uganda” Spanish PM Rajoy. June, 2012
“Uganda does not want to be Spain” (Ugandan foreign minister) June 13th
I guess no one wants to be Europe. The bad news is Europe is Europe. So they’re all suffering from the same debilitating disease – being involved in an unworkable currency union. So this bantering about “we are not so and so” really misses the point. The sooner they start realizing they’re all Europeans the sooner they’ll likely resolve this mess.
Mr. Roche is the Founder and Chief Investment Officer of Discipline Funds.Discipline Funds is a low fee financial advisory firm with a focus on helping people be more disciplined with their finances.
He is also the author of Pragmatic Capitalism: What Every Investor Needs to Understand About Money and Finance, Understanding the Modern Monetary System and Understanding Modern Portfolio Construction.