Dopey, "all EU countries have to cut public debt - if not by 2020 average debt to GDP will be 120 percent."
one of my pet hates is the word "growth".
It's a great cop out to just about any economic or financial situation. That said and haven taken a couple of deep breaths to calm down:
to overcome their debt burdens PIIGS will have to use austerity to cut the debt to GNP ratio to a level they can then bounce back from. They must have positive growth to counter the efforts to produce negative growth caused by austerity to reduce debt.
A bit like scales and weights.
At one minute to midnight the EZ is going to pull a 'growth' rabbit from the debt filled hat? So as to prolong the agony of states with massive unemployment, migration of skilled labour and a loss of wealth not seen for 70 Years.
And then this rabbit will promote 'growth'.
The person who can design a way out of this debt trap that pleases even the under educated teenage unemployed in Europe MUST win the Nobel Prize for Economics and rabbit pulling.
Or is there another way to pull rabbits.
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