The problems facing the Eurozone are so far only the tip of the iceberg says foreign exchange analyst Standard Chartered Plc.
Ã¢â‚¬Å“WeÃ¢â‚¬â„¢re going to get a continuation of the problems that Ireland, Portugal, Spain and others are suffering,Ã¢â‚¬Â said Callum Henderson, Standard CharteredÃ¢â‚¬â„¢s global head of foreign-exchange research in Singapore. Ã¢â‚¬Å“The fundamental issue is these are countries that have relatively large debts, large budget deficits, large current-account deficits, they donÃ¢â‚¬â„¢t have their own currency and they canÃ¢â‚¬â„¢t cut interest rates. The only way they can get out of this is to have significant recessions.Ã¢â‚¬Â
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