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January 04, 2010

The looming EuroZone debt crisis

Forecast: disaster with a 20% chance of biblical famine, locusts and pestilence, meatballs not so much.

...Germany, long considered the cornerstone of eurozone fiscal discipline, forecasts public debt at around 78 per cent of GDP this year, while in France, the second biggest eurozone economy, public debt jumped to a record 75.8 per cent in the third quarter of 2009.

Greece says its shortfall come to 120 per cent of output in 2010.

Debt is raising the cost of borrowing for many countries and adding to the weight of reimbursing obligations on future budgets.

With unemployment rising and weak growth expected in 2010, officials cannot count on increased tax revenues for much help in paying down debt, a lot of which is owed abroad.

"The (economic) crisis is weighing on the sustainability of public finances and potential growth," the EU commission has warned as economists leave open the possibility of a "double dip" recession this year...

Those green shoots are just sprouting up all over.

I need to send silly Europeans Pete Stark's(Moonbat-CA) phone number. He's previously assured us that taking on more debt increases the nation's wealth. I'm pretty sure he's got a PowerPoint presentation tucked away somewhere to prove it too.

I've resigned myself to "embracing the suck". Stimulus v2.0, Health Care, Cap and Tax. Bring the pain baby, bring it all. We're through the looking glass now, so we might as well take the ride.

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posted by Purp at 01:20 PM

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