I continue to think that the recent turmoil in the euro block represents an opportunity to invest in quality European companies. That said, I might be earlier, particularly if the decline in the euro turns into a rout.
This morning's New York Times talks about how European business is benefiting from the euro weakness. Here's an excerpt:
To be sure, a big euro devaluation would be good for some of the countries that have the most serious problems. Besides alarming debt levels, countries like Greece, Spain and Portugal have allowed wages to rise faster than productivity, and now have trouble competing on world markets.
A depressed euro would make their products cheaper in foreign markets, and help restore competitiveness. A stronger dollar would also help tourism, which is an important industry in Mediterranean countries. Bookings from the United States at Silversea Cruises are up about 10 percent, said Manfredi Lefebvre d’Ovidio, deputy chairman of the cruise ship operator. But he attributes most of the gain to the improved American economy.
Euro Zone Likes a Weaker Euro (Within Reason) - NYTimes.com
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