Heightened resistance? Eurozone ‘decoupling’ from US economy will be put to the test
By Ralph Atkins in Frankfurt
Published: February 6 2008 20:25 | Last updated: February 6 2008 20:25
Peer Steinbrück, Germany’s finance minister, regularly generates a laugh when he mocks so-called “Ninja” mortgages – granted in the US to those with “no income, no job or assets”.
The implication is clear: the global financial turmoil was triggered by a problem in the US subprime mortgage market and its effects will be concentrated on that side of the Atlantic.
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