Europe real´s debt crisis

By Fareed Zakaria

 

“Europe is always thought of as having a sovereign-debt crisis, and it has. But the origins of the euro disaster lay less with government profligacy than with excessive private borrowing,” The Economist says. “True, Greece got into trouble because its government spent too much and collected too little in taxes. But elsewhere the bust followed a private-sector binge: mortgage debt in Ireland and Spain; corporate borrowing in Portugal and again in Spain (see article). In all three countries household and corporate debt combined were way over 200 percent of GDP before the crisis, much higher than in America (175 percent) or even Britain (205 percent).”

“Unfortunately, the euro zone has made less headway than other places in reducing this private-debt burden.”




Since some years ago, Greece has been falling into a serious economic crisis. The answer to this problema would require a more organized government. But first of all, they need God´s providential help, to get out from that hole. The Bible also exorts us to pay the tax that we owed, and in Greece it is said to be collected Little amounts of taxes.

Pay to all what is owed to them: taxes to whom taxes are owed, revenue to whom revenue is owed, respect to whom respect is owed, honor to whom honor is owed. Owe no one anything, except to love each other, for the one who loves another has fulfilled the law.

Romans 13:7-8




http://globalpublicsquare.blogs.cnn.com/2013/10/25/what-im-reading-europes-real-debt-crisis/?iref=allsearch