The Phaserl


Europe’s crisis states should fight back with a ‘debtors’ cartel’

Public debt levels are rocketing in almost every country of the eurozone periphery. Debt ratios are already crossing the point of no return in Portugal and Italy and are nearing the danger zone in Ireland.

by Ambrose Evans-Pritchard, The Telegraph:

The latest figures from Eurostat are shocking even to those who never believed that combined fiscal and monetary contraction – made worse by bank curbs – could have any other result than a faster rise in debt trajectories.

Portugal’s debt has just blown through the upper limits set by the EU-IMF troika, reaching 127.2pc of GDP in the first quarter of 2013. This is 15 percentage points higher than a year ago – the bitter fruit of austerity overkill. The Portuguese people have suffered year after year of cuts only to find themselves sinking deeper into a debt swamp.

Italy’s debt has hit 130.3pc – compared with 123.8pc a year ago – rapidly spiralling beyond the safe threshold for a country without its own sovereign currency and central bank.

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