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Business Daily: Oil and troubled waters

Oil and troubled waters

07/11/2011

BBC World Service - Business Daily, Oil and troubled waters

Is the eurozone on the verge of breaking up? And why the world is awash with oil

Good and bad news. Bad news: last week's turmoil shook the eurozone to its very foundations.  So is Euro is about to pass the point of no return? Good news: why the world is awash with oil.

Greece - the eye of the eurozone storm - is a little calmer today with a coalition government on the way.  But the turmoil of last week shredded confidence in the ability of Europe to solve its problems and shifted the focus of concern on to Italy, where the cost of servicing its vast debts has been pushing inexorably upwards.  

At the same time the current crisis is killing investment across Europe and helping tip the continent - and quite possibly the world - into recession.  

The big question investors are asking now is whether the eurozone is about to cross the point of no return - about to collapse.  Indeed, British bookmakers will offer you odds of two to one on a eurozone breakup by the end of next year.  Justin Rowlatt discovers why Janet Henry, the Chief European Economist at HSBC, won't be putting any money on, even at those odds.

And, has Switzerland's reluctance to join the European club insulated it from the effects of the continent's economic troubles?  Justin Rowlatt interviews Patrick Odier, the chairman of the Swiss bankers Association.

Plus Pulitzer Prize winning author and energy expert Daniel Yergin on why he doesn't think the world is about to run out of oil any time soon.  

Lucy Kellaway of the Financial Times suggests it isn't such a bad thing to have a difficult colleague on the board of your company.

Photo: Gettty Images

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