Epstein Secrets

ain & Portugal 16% 105. 14% 100 17% i 10% od B% 85 G% Germany ad Ao, a aa 2007 2008 2009 2010 2011 0% aa ae ; Source: INE, CSO, ISTAT, NSS, Eurostat, Bundesbank, J.P. Morgan Ve7O gf TOG 188 TO 1D ZO aT Securities LLC, J.P. Morgan Private Bank. Periphery =Portugal, Ireland, lialy, Source: J.P. Morgan Private B

macroeconomic problems. This weakens the foundations of the fiscal self-responsibility that EMU is built on”. CBO Congressional Budget Office OMB _ Office of Management and Budget EFSF European Financial Stability Facility FICA Federal Insurance Contributions Act EU European Union IMF International Monetary Fund HOUSE_OVERSIG

me to fail. Industrial production Index, 100 = January 2007 110 105 100 95 90 85 80 15 2007 2009 2010 2011 Source: INE, CSO, ISTAT, NSS, Eurostat, Bundesbank, J.P. Morgan Securities LLC, J.P. Morgan Private Bank. Periphery = Portugal, Ireland, Italy, Greece, Spain. 2008 * The current EFSF lending capacit

'89 '92 '95 '98 ‘01 '04 ‘07 '10 Source: Empirical Research Partners. Michael Cembalest Chief Investment Officer CBO Congressional Budget Office OMB Office of Management and Budget EFSF European Financial Stability Facility FICA Federal Insurance Contributions Act EU European Union IMF International Monetary Fund IF Institute

or parties are unflinching supporters of the European project, and will do whatever it takes to prevent a break-up. The objections from members of he Bundesbank are described as lonely voices of opposition that carry no weight [a]. But how large are the costs goin‹ to be? German politicians and voters may see

d macroeconomic problems. This weakens the foundations of the fiscal self-responsibility that EMU is built on". CBO Congressional Budget Office OMB • Office of Management and Budget EFSF European Financial Stability Facility FICA Federal Insurance Contributions Act EU European Union IMF International Monetary Fund HOUSE_OVERSIGHT