Posted on 02/23/2017 2:00:22 PM PST by davikkm
Debt is not just an American or Chinese problem. The EU is equally mortified with debt and the problem is not just in Greece. As per the Maastricht Treaty, the countries EU states cannot have debt more than 60% of their GDPs. Currently, the situation is nowhere close to this ideal as 21 countries have passed this limit and 5 have more debt than their GDP. The situation is serious with Greece, where the debt is 177 percent of the GDP.
While the world is focusing on Greece’s extreme debt crisis, Italy and Portugal easily miss the spotlight despite having high public debts. Italy’s debt is 132 percent of its GDP while Portugal’s debt is 129 percent of its GDP. Cyprus, Spain, Belgium, France, Ireland, and Austria are also higher than the Euro area average.
(Excerpt) Read more at investmentwatchblog.com ...
“High debt”?
How about so much debt there is no real option other than default at some level. Same as the U.S.
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