In the News (from The World Socialist Website): “Europe faces ever deepening recession” The cost of bailouts and declining tax revenues due to the slump has led to a spiraling of government deficits, which collectively have hit 2.3 percent of GDP for the 27-nation EU. The government debt to GDP ratio increased from 66 percent at the end of 2007 to 69.3 percent in the euro zone and from 58.7 percent to 61.5 percent in the EU… According to figures compiled by [the Dutch newspaper] NRC Handelsblad, Italy’s national debt is already well in excess of its GDP, Greece is approaching this figure and Belgium, France, Germany, Portugal and Austria all top 60 percent of GDP… Several countries have already gone cap-in-hand to the IMF, including Hungary, Serbia, Romania, Latvia and the Ukraine.
My Comment: There are many more unpleasant surprises ahead, and if we keep closing our eyes to them, we will keep hurting ourselves.
Because people haven’t found the remedy for the crisis, they are choosing to ignore it. But in the meantime, the illness is spreading. Let’s put forth all our efforts to let everyone know that there is a remedy, and by using it, we can quickly cure ourselves!
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