Greek two-year bond yields jumped to more than 18 per cent. There is no way Greece can pay off its debt. Its collapse is coming soon.
The problems for Greece have spilled over into other peripheral economies in the eurozone such as Portugal, Spain and Ireland. Italy and Britain are in the line.
Cui bono? (Ill.: The Card Players, F.Leger, 1917)
5 comments:
And don't forget France and Belgium will soon also be in this line.
J, take a look at this slideshow put together by CNBC showing external debt as a percentage of GDP for those countries with the largest external debts. The last slide is of Ireland and show Ireland having an external debt that is 1,312% of GDP. The last time I viewed that slideshow a couple of weeks ago Ireland had the largest external debt but the percentage was 11XX% indicating that Ireland's debt is growing exponentially and that the time to double is now down to a couple of months. Soon the time to double will be down to a week and probably long before that the game will be over for the Emerald Isle.
CNBC's numbers don't match with Wikipedia's numbers on the same subject, but they are close. If you look at the last column of the table in the top box you will see a little symbol after the acronym GDP, click it 3-4x until the list is sorted by the amount of external debt as a percentage of GDP. Once the list is organized look at Luxembourg.
Oops!
Here is the link to the slide on Ireland if you don't wan to flip through the entire CNBC slideshow.
Horror slide show !
Is Europe still being run by Europeans?
Anon.
I would say that it is.
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