"Countries with debt ratios above 90% of GDP will be required to cut excess debt by one percentage point per year over the duration of their national spending plan. That target is halved for countries with debt ratios above 60 per cent but below 90 per cent of GDP....
Hilariously, the commission has already said that a large number of draft budget plans for 2024 do not comply with the required thresholds and will be sanctioned after EU elections. But - once again confirming that no European "reform" is worth the paper it is printed on - a last-minute concession won by France ensured that countries subject to such a procedure will be able to discount debt interest costs in the period 2025-2027, effectively reducing the required spending curbs."
With the economies of Europe & the USA & China in such good shape, what could possibly go wrong? Let's break out the booze and have a ball (as Frank Sinatra used to sing) and party like it's 1928.
