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Conceptual Doubt
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Posts: 507
Join Date: Jul 2009
Location: ポルトガル
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09-09-2010, 05:24 PM
Quote:
Originally Posted by fluffy0000
The EU is not a good example for SE Asia unless you have'nt followed what has happened to Greece earlier this year.
Why European Countries Are Like American Banks
by Andy Kessler
With Grecian urns, Irish eyes, Spanish flies, and Portuguese waterdogs all up to their eyeballs in debt, it’s only a matter of time before the whole venture implodes. Even after an almost trillion dollar bailout across Europe, Moody's Investors Service last week downgraded Greece's debt from A3 to Ba1--junk bonds.
You can bail out Wall Street banks and recapitalize their balance sheets and someday they can start lending again (we’re still waiting). On the other hand, you can’t really bail out a country without massive structural changes, cuts in entitlements, huge reduction in government as a percent of GDP, and a rewriting of the social contract between government and workers.
And NATO if you have'nt noticed is stuck in Afghanistan .
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That's actually what's happening in Portugal.
Too many people spend money they haven't earned, to buy things they don't want, to impress people they don't like.
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