04.18.2012 18:26

Avoiding the Euro Zone Trap

Europe's problems are its own making and no amount of Chinese assistance will end the crisis
By Andy Xie
 
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Visitors to a recent conference in northern Italy became painfully aware of what ails the Italian economy. It was fascinating to watch how a ferry employee methodically slowed down the sales of tickets to a long line of tourists who watched aghast as the mostly empty ferries left without them. At train stations and on high-speed trains redundant employees were obvious. The public sector problems in Italy are similar to China's with the state-owned enterprises in the 1990s, only several times bigger.

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