Menu
Finance
Cutting These 10 Everyday Expenses in 2014 Will Save You $8,844
How to Perfectly Plan Your Divorce to Protect Your Assets
PNC Bank Review – Overview of PNC Bank Accounts, Loans and More
Here’s Why Bank of America Just Closed Your Credit Card Without Telling You
2014 Academy Award Statue Valued at Just Under $400
Why You Could Start Seeing Your Credit Score on Your Credit Card Bills
How to Host Your Academy Awards Viewing Party on a Budget
Warren Buffett Reveals His No. 1 Investment Strategy That Anyone Can Follow
Your ATM’s OS is a Decade Old: Here’s Why Banks Are Scrambling to Update It
What You Need to Know About Obama’s $3.9 Trillion 2015 Budget
Discover What a Discover Bank Online Savings Account Can Do For You
4 Tips to Cut Your Monthly Bank Fees
Here’s Why One Analyst Says Bank Stocks Are Going to Double
How Ben Bernanke Earned $250,000 in 40 Minutes
Visa and MasterCard Join Forces to Protect Your Card from Hackers
High euro is crippling growth, says Oleg Deripaska
The euro is trading at an inexplicably high rate to the dollar, preventing eurozone nations from finding growth, says Russian billionaire Oleg Deripaska.

With European policymakers and politicians increasingly split over whether to relax austerity measures, Mr Deripaska, who controls Rusal, the world’s biggest aluminium producer, said that the turmoil and high value of the euro meant his business would steer clear of investing in the eurozone.

“We need to be practical,” he says in an interview with The Daily Telegraph. “With the high euro and the state of the markets in Europe, it wouldn’t be reasonable to go anywhere near buying something significant in Europe at this moment.”

Mr Deripaska, who is estimated to be worth $8.5bn (£5.58bn) in the latest Forbes rich list, making him Russia’s 16th richest man, says he fails to comprehend what makes the euro 45pc more valuable against the dollar than it was at launch in 2002.

The euro traded at 90 US cents at launch but rocketed to a peak of $1.59 in July 2008. It has since fallen to $1.31, but Mr Deripaska believes that is still too high.

“I can’t understand why the euro is so high,” he says. Has Europe become more productive or created more innovation? I just can’t see it.

“It doesn’t present much opportunity for south Europe and industrial parts of Europe in France and Italy to benefit.

“For me, nothing has changed. People have become calmer because they don’t believe in the black scenario that the European Union and the banking system will collapse. But there is still no clear action plan.

“I’m not sure it’s right, because Russia could benefit more from Europe and Europe could benefit more from deeper co-operation with Russia and former Soviet republics. There’s a clear opportunity there.”

Sixteen months ago, Mr Deripaska said some European nations were operating “like socialism”, spending above their means, given the tough economic climate. He still feels Europe has major problems.

“I think Europe is missing an opportunity now,” he says. “The more that European countries stay in the eurozone, the more difficult it will become for them.

“How Europe maintains its high standards of living conditions and expectations of social welfare, I really [don’t know].”

Mr Deripaska also controls car-maker GAZ, which expanded into Britain in 2006, buying Birmingham van-maker LDV Holdings. However, it sold it three years later to Malaysian automobile manufacturer Weststar and Mr Deripaska ruled out further moves into western Europe.

Meanwhile, the increasingly fractious debate over how to tackle the eurozone’s problems continued as IMF managing director Christine Lagarde used the close of the organisation’s spring meeting in Washington to urge Europe, the United States and Japan to act more resolutely to build up confidence.

The euro area had the clearest need to balance supporting growth with needed reform, she said, and she also hinted last week that the UK Chancellor, George Osborne, may have to slow the pace of cuts.

He has so far been defiant and said that he would take IMF advice only if he thought it was correct.
Road Map of Manhattan.

Menu
Hey Ladies: Don’t Miss Out on the Broke Boyfriend Tax Exemption
3 Ways to Fix Your Finances in One Hour for Daylight Saving Time
IRS Reports This Year’s Average Tax Refund is $3,034
How to Start Saving Money for Your Baby’s College Education
How to Find Free Tax Preparation in Your City
IRS Wants to Pay You $25,000 for Saving Your Tax Return
5 Secrets Your Bank Doesn’t Want You to Know
How to Handle the 5 Most Awkward Money Situations
4 Tips to Cut Your Monthly Phone and Cable Bills
Stop Wasting Money Because You Won’t Admit You’re Old
Amazon Prime Price Hike: Is It Worth It?
10 Tips for Winning Your March Madness Bracket and Some Extra Cash
I Lost My W-2! What Should I Do?
4 Cheap, Fun Ways to Celebrate St. Patrick’s Day
What Four Leaf Clovers and Interest Rates Today Have in Common
Name
Name

Password