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.
