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The Answers: The Global Economy by Jeremy Kourdi

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EUROZONE

Only two extremely large strategic markets in the West European part of the Eurozone do not have too high public debt: Luxembourg and Finland. All others are above the broadly accepted international benchmark of 60% of GDP. On aggregate gross government debt in the Eurozone is today (early 2012) estimated at 91% of GDP (and rising). Countries usually have five choices on how to reduce public debt burdens to more sustainable levels. First, they can default on their payments. Second, they can run a high inflation rate hoping this will eat away their debts. Third, they can increase tax rates. Fourth, they can cut spending. Fifth, they can accelerate growth through fiscal and monetary stimulus and seek to grow out of their debt problem. ...

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