Robert Samuelson on why things can get a lot worse: Countries everywhere already have high budget deficits, aggravated by the recession. Greece is exceptional only by degree. In 2009, its budget deficit was 13.6 percent of its gross domestic product (a measure of its economy); its debt, the accumulation of past deficits, was 115 percent… Continue reading The Crisis Ahead?
Charlemagne lays it out. Are you a ‘neuro’ or a ‘souro’?
Walter Russell Mead on the financial crisis creeping up on Europe. Central banks exist precisely to puncture this sort of bubble, but the European Central Bank wasn’t focused on the peripheral European economies. The ECB was looking at the big eurozone economies, especially Germany, which was still struggling with the consequences of unification and where… Continue reading Europe in Crisis?