Economic Upheaval
Posted Nov 12, 2011 05:18:45 PM.
This article is more than 5 years old.
Some analysts are saying that the economic situation is Europe is like a “scary movie.”
The Eurozone debt crisis appears to be contagious given that the Canadian dollar posted its biggest loss against the American greenback in just over a week.
Peter Chandler of Cannacord wealth management tells 570’s Jeff Allan Show, the reason why analysts are worried about the global economic situation is because of the domino effect, which has begun with Greece and now moved to Italy.
“The problem with Italy is that it is the third-largest economy within the European economic union.”
Chandler says that since Greece’s troubles, Italy is following suit, which has Europe’s largest economy’s worrying.
“That would be Germany one, France two, had been working and burning the midnight oil 24/7 trying to come up with a made-on-their-own solution.”
Chandler adds that there is one word that scares people more than anything.
“Uncertainty in a word shakes the markets more than anything else and that’s what Italy has delivered us in the last several days.”
Chandler says because Italy is such a big economy in Europe, there are worries that other countries will spiral down as well.
