Originally published at bretthetherington.blogspot.com
[Photo: Barcelona, 9 Nov. 2017,
“The current situation reminds me of 2001: we came from twenty years of stringing bubbles, the dotcom broke out, and even so we managed to stay the same and provoked an even more serious crisis with an even larger bubble that burst in 2008.
We run the risk of going back to the old ways. In Spain, total debt is rising. In Italy there is capital flight, a banking crisis in the making, an explosive political situation.
What we have in Greece cannot be called recovery, and the debt is unpayable.
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