Econintersect: Global Economic Intersection contributor Michael Pettis says that Europe is still in the early stages of resolving their portion of the Great Financial Crisis (GFC) because they are still treating a solvency crisis as a liquidity crisis. Until they get beyond this delusion Pettis says Europe cannot move to the next stage of working through the GFC. He further says that the current course of action will subject Europe to a very many years of extremely high employment. This is discussed in an 11 minute interview with Australian TV personality Tickey Fullerton, which also covers the topic of economic rebalancing in China and how other countries, including Australia, will be affected.
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