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Why the already hig public debts of countries like greece,italy,spain,ireland and portugal have been so influenced by the economic crisis started in Usa?I mean,even if people start earning less and paying less taxes the public debt of a country can't grow up so fast in a year.
Why the already hig public debts of countries like greece,italy,spain,ireland and portugal have been so influenced by the economic crisis started in Usa?I mean,even if people start earning less and paying less taxes the public debt of a country can't grow up so fast in a year.
One of the main reasons for the increase of debt was the installation of bad banks to rescue collapsing banks. Another reason was a declining GDP, that leads to higher debt / GDP ratios. Shrinking tax revenues and rising benefit spendings. Before the crisis, the mountain of public debt was relatively low in Ireland 23.9% and Spain 35.5%.
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Originally Posted by Simpsin
Why the already hig public debts of countries like greece,italy,spain,ireland and portugal have been so influenced by the economic crisis started in Usa?I mean,even if people start earning less and paying less taxes the public debt of a country can't grow up so fast in a year.
I never understood why a scam like that (it was nothing more than a legal scam, in MY opinion) influenced certain European countries !!
There has to be some weird planned *orchestration* for that to happen... !
I am sure a few really got very rich during that debacle !!!
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