Southern Europe's Fiscal Crisis

Gary North / LewRockwell.com:
The euro is the focus of attention these days. This is because of a fiscal crisis in Greece, and looming crises in Portugal and Spain. Italy could follow. What is the problem? Greece is running a huge deficit in the range of 12.7% of its Gross Domestic Product. The investment world regards a deficit of this magnitude as unsustainable. There are rumors of default. Spain is running a deficit of 11.4% of its GDP. This is considered a threat to the nation's financial structure. There are rumors of default.

Posted by Editor at February 10, 2010 12:44 AM