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Frau Merkel, it really is a euro crisis
Angela Merkel told German industry today that we are not facing "a euro crisis, but a debt crisis." She is wrong. Total levels of private and sovereign debt in the eurozone are lower than in the UK, the US, and far lower than in Japan. Greece’s debt levels are around 250pc of GDP, at the lower end of the developed world. Spain’s sovereign debt is admirably modest at around 65pc. Italy’s household debt level is the envy of the rich world. It has a primary budget surplus. Italy has many problems, but the budget deficit is not one of them. So why is there such a destructive and long-festering crisis in the ... (full story)
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