The valley of tears The Eurozone debt crisis
This crisis has not yet reached its zenith, and it would be better to one likened to that of Latin America in the 80s - which led, several years later, massive bankruptcies
"The economic power within the state, although it ultimately derives from the law and public opinion, easily acquires a certain independence. It can affect the law with corruption and public opinion with propaganda. It can put politicians under obligations which interfere obstacle for their freedom. May threaten to cause economic crisis. " (Russell)
»Analysis
As we have emphasized from the beginning of the Greek crisis, the largest size is not debt, but the total - which evidenced today by the fact that countries like Greece, Italy and France, while plagued by large government debts, but is in a better position than Ireland, Portugal and Spain, having much lower private (households and businesses).
In particular, in late 2013, private debt of Spain was at 185% of GDP, Portugal at 220% and Ireland the otherworldly 292% - when in Greece did not exceed 110% of GDP in 2009 (since fallen as at the beginning and in other countries) or Germany 128% (115% end 2013).
"The economic power within the state, although it ultimately derives from the law and public opinion, easily acquires a certain independence. It can affect the law with corruption and public opinion with propaganda. It can put politicians under obligations which interfere obstacle for their freedom. May threaten to cause economic crisis. " (Russell)
»Analysis
As we have emphasized from the beginning of the Greek crisis, the largest size is not debt, but the total - which evidenced today by the fact that countries like Greece, Italy and France, while plagued by large government debts, but is in a better position than Ireland, Portugal and Spain, having much lower private (households and businesses).
In particular, in late 2013, private debt of Spain was at 185% of GDP, Portugal at 220% and Ireland the otherworldly 292% - when in Greece did not exceed 110% of GDP in 2009 (since fallen as at the beginning and in other countries) or Germany 128% (115% end 2013).