YOU should not try very hard to take the average person in Greece or Italy to share his or her thoughts in the euro area economic crisis. It is on e bay all they all express themselves emphatically.
On a recent trip to southern Europe, I took the opportunity for chatting with a local restaurant workers, tourist guides, taxi drivers and took a sense of economic uncertainty that pervades their thoughts. Almost everyone has had a strong opinion on the issue, the debt crisis, the euro and the high cost of living dominated the pensieri.come did take them to this point?Greece has a population of less than 11 million and a debt that approached nearly $ 500bn. The International Monetary Fund predicts a gross debt-to-GDP ratio of 145 percent by 2016 and Greece has to pay 44bn euros in 2013 the interest alone - that plans to raise money by selling state assets. But the following year and the one after? Do the math and you will see why Standard and Poor rilegari Greek government bonds of the state of denial, after he received a rescue package.
Who is to blame? If we treat the question of the housing crisis caused by subprime mortgages in the United States or sovereign debt to balloon beyond the control in Europe, the fundamental question of regular and avoid this may lie in determining where the guilty mind. Mind by those who borrowed too much and can not repay, or those who lent the money, knowing that the reimbursement was not likely?
The idea of creating a union of states where the goods are traded freely and people can find employment anywhere in the union, a common currency has similar values and supports the call philosophical. The credit is made available to developing countries so they can invest, improve and can be reached by others. In fact, loan repayments are due long before the fundamental changes in the economy take root. Alas, the road to hell is paved with good intentions.