Reining in Europe’s deficits will obviously limit growth for a sustained period of time as solving governments’ solvency issues will require at least three to four years.
Companies with a significant exposure outside Europe will benefit both for a currency aspect (competitive and currency conversion impact) but also because of boosts to top line growth from the relatively faster growing economies of Asia and the Americas.
The list attached is combining issuers with European exposure below 60% of their total income and a Delta above 20%.
