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Public Debt Dynamics of Europe and the U.S. by Dimitris N. Chorafas

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Case Study and Conclusion

Abstract

What is needed for the good of Greece, of the other “Club Med” countries and of the EU as a whole, is law-setting by a new Draco, the toughest and most straight-talking lawmaker of ancient Greece’s. There is an urgent need to establish tough ethical laws and watch over their execution.

The more this twin problem of giant public debt and of ethics is pushed into the future the more the lure of democratic cleptocracy gains ground, and the more the common citizen’s losses mount while those who think of themselves as “well connected” (which means with strong political support) profit. Ethics is at its lowest when the laws are not respected, and it is left to politicians to decide whether or not there will be ...

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