aleatorius (![[personal profile]](https://www.dreamwidth.org/img/silk/identity/user.png)
aleatorius) wrote2015-01-07 11:55 pm
aleatorius) wrote2015-01-07 11:55 pm
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"The priority of an indebted government today is to repay its debts, whatever the amount of the budget these repayments consume. In contrast to the 3% limit on German debt payments, today the IMF and World Bank regard debt payments of up to 15-25% of export revenues as being "sustainable" for impoverished countries. The Greek government's foreign debt payments are around 30% of exports."
"In Europe today, debt is tearing up the social fabric. Outside Europe, heavily indebted countries are still treated to a package of austerity and "restructuring" measures. Pakistan, the Philippines, El Salvador and Jamaica are all spending between 10 and 20% of export revenues on government foreign debt payments, and this doesn't include debt payments by the private sector."
http://www.theguardian.com/commentisfree/2013/feb/27/greece-spain-helped-germany-recover
"In Europe today, debt is tearing up the social fabric. Outside Europe, heavily indebted countries are still treated to a package of austerity and "restructuring" measures. Pakistan, the Philippines, El Salvador and Jamaica are all spending between 10 and 20% of export revenues on government foreign debt payments, and this doesn't include debt payments by the private sector."
http://www.theguardian.com/commentisfree/2013/feb/27/greece-spain-helped-germany-recover
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