Monday, February 23, 2015

Why can't Greece be more like Belgium?

Text: But in some countries debt and budgets were so far out of line that even serious adjustment where it did take place could not swing the balance. As a result there are now four problem debtor countries in Europe. Table 1.2 shows their situation.

From Public Debt Management: Theory and History, 1990, edited by Rudiger Dornbusch (RIP) and Mario Draghi (Who?), Cambridge University Press.