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Debt over GDP is higher thant 125 % so basically, at 3-3.5% you need around 4% growth with balanced budget (which needs more contractionary spending.. whcih is a feedback impossibility). Let's say Greece needs a 5% growth to pay down debt at 3%... is it really possible? Or are we asking the impossible?

Isn't it better just to slash debt at around 70-80% GDP with haircut interest rates to 1-2% and ask Greece to grow at normal 3%?

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I therefore claim to show, not how men think in myths, but how myths operate in men's minds without their being aware of the fact. Levi-Strauss, Claude

by kcurie on Mon May 23rd, 2011 at 07:53:52 AM EST
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