欧元分析

EUROLYTICS
    The Euro currency, Euro politics and Euro direction all take a back seat during the summer. It is something I find very hard to understand that a group of countries which have been on the verge of complete disaster for so long find the time to forget about all their issues and sit on a beach.
    The Germans have an election in a month but Merkel is happy to put her feet up. Youth unemployment is still over 50% in Spain but they take another beach trip. Greece, Cyprus and Portugal all have to discuss how they are going to restructure their repayment obligations as they can’t make them but they have another ice cream.
    These countries I talk about are all heavily dependent on tourism; in fact it is their life source and so when we arrive at the summer holiday period it means they can actually get down to some work and make some GDP. The fact they are actually working means they can forget about the other 8 months of the year where they do very little apart from borrow money of the Germans.
    I am negative the EURO and the EUROLAND but I can see that many investors have started to look at equity valuations in Europe and have started to move parts of their portfolios from the US into cheap European stocks. A good company is a good company after all and cheap relative valuations should be taken advantage off but with many money sucking countries still out their draining the life out the harder working partners how long will they last?

欧元分析
    欧元、欧洲政治和欧元方向这个夏天都退居次席。一群濒临彻底灾难的国家在这么长时间内忘记所有他们的问题，无所事事，这让我觉得难以理解。
    德国月内有一次选举，但是市场很高兴看到它取消。西班牙青年失业率仍超过50%，但他们采取另一个海滩之旅。希腊、塞浦路斯和葡萄牙都不得不讨论如何重组他们的还款，因为他们还不起，但是他们却还在借。
    我讨论的这些国家都严重依赖于国家的旅游业，事实上那是他们的生活来源，所以这意味着在夏天的时候他们会有一些工作，可以增加国内生产总值。他们确实在工作意味着他们可以忘掉今年另外8个月，这几个月里除了向德国借钱，他们能做的很少。
    对于欧元和欧元区我的态度是很消极的，但是我看到许多投资者已经对欧洲股票开始估值，并将部分资金从美国市场转投入便宜的欧洲股市。好的公司就是好的公司，毕竟所有相对廉价的估值应该被好好利用，但是许多吞钱的国家在卖力工作的伙伴中仍然度日维艰，他们还能维持多久呢？