Why Sovereign Debt Pain Has Only Just Started
"I think the UK will be downgraded in the future as our debts are being masked for the moment - the election - we created this global mess along with America and we have massive debt levels now. Greece, Portugal are just the start. You can't inject massive amounts of liquidity into economies without some kind of repercussions!"[PIGS: Portugal, Ireland, Greece, and Spain]....I brought the precursor up here some time ago.
While Jean-Paul in Los Angeles draw parallels with private sector funding:
"There is so much attention on the PIGS and other countries because the private sector has completely deserted and the public sector has been overburdened."