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

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4

The Greek Economy Pays the Price of Drift

When Standard & Poor’s downgraded the long-term debt of Greece to junk, the European Commission responded that it expected rating agencies like S&P to be “responsible” at this difficult and sensitive time. This has been the wrong initiative. People and countries should never fail to listen when independent critics start saying that they are going downhill.

Debt is no money growing on trees; it has to be served and repaid. A great deal of tax money which might have been used for investments to provide the ground for future jobs goes into the debt financial abyss. In addition, the higher is the public debt the lower becomes a debtor’s creditworthiness.

The current debt crisis has two legs: overleveraged ...

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