Friday, February 13, 2015

Italy is Europe’s Ticking Time Bomb (Not Greece)

WEaPo's Matt O'Brien  observes:
In the long run, we're all dead, but if you're part of the eurozone, what's the difference? You might as well be already. Indeed, it seems almost impossible, but Italy has only grown 4 percent—in total—since the euro was created 16 years ago. That's worse than Greece...
Italy is the real problem here, though. Greece and Portugal both have a lot of debt and both have been bailed out, but at least they're starting to recover and are small enough that Europe can extend-and-pretend what they owe into a tomorrow that never quite comes. But Italy isn't recovering at all, and its debts are too big to be ignored.

No comments:

Post a Comment