Thursday, October 10, 2013

So why push people into more debt on houses?

The debt burden still casts a long shadow over the US and eurozone economies

"The IMF’s World Economic Outlook offers little cause for optimism. There is always some wretched fly in the ointment. In previous years, it was the eurozone, which the IMF now fondly imagines to be on the mend. This time it is a marked slowdown in emerging markets, where falling commodity prices and tighter financial conditions have combined to produce lower growth than expected"." ..the US government hit its legal debt limit of $16.7 trillion last May". But "anyone who thinks the eurozone debt crisis is over is sadly deluded". "No monetary union of sovereign states can survive a decade or more of economic stagnation and record high unemployment. IMF estimate that approximately a fifth of the corporate loan book of Italy, Portugal and Spain is rotten. There is more pain to come".

Posted by alan @ 10:12 PM (1031 views)
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