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Discussion Starter #1 (Edited)
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In a sense its economic troubles date back to the late 1990s, when the country’s manufacturing was overtaken by competitors in Asia. Its patronage-based politics and rule-bound labor practices changed little, but a flood of cheap money that followed the introduction of the euro helped keep the system going.

Then came the global financial crisis of 2008, which shrank Italy’s economy by more than 6 percent. Growth resumed in 2010, but was snuffed out in 2011 by the rising debt crisis, and the International Monetary Fund predicts “another decade of stagnation.”

At roughly 120 percent of G.D.P., its growth-hobbling government debt is second only to Greece’s among euro zone members. Although it has run a budget surplus, minus debt costs, for several years, the Italian government spends about 16 percent of that budget on interest payments — a bill that began to rise in the summer of 2011 as investors and creditors began to fear that Italy cannot escape Europe’s debt crisis.

Italy is often now described as Europe’s “too big to fail’' economy. The amount of its debt held by foreigners — nearly 800 billon euros — is more than that of Greece, Ireland and Portugal combined. The debt problem is compounded by the country’s economic slowdown, as it reentered recession in December 2011.

:)Violin




















Wake up "progressives", this is where YOU have the U.S. headed... :yes:
 

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Floatin dirty
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My Italian born grandparents are turning over in their graves right now I'm sure. There is no doubt this is where the U.S. is heading. May take a decade but we will get there. I hope the Country fragments like Russia did when it collapsed or at least into 2 distinctly separate countries each with its own vision for the future.
 

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[

At roughly 120 percent of G.D.P., its growth-hobbling government debt is second only to Greece’s among euro zone members. Although it has run a budget surplus, minus debt costs, for several years, the Italian government spends about 16 percent of that budget on interest payments — a bill that began to rise in the summer of 2011 as investors and creditors began to fear that Italy cannot escape Europe’s debt crisis.

Italy is often now described as Europe’s “too big to fail’' economy.

... [/SIZE] :yes:
I don't know who can afford to save it. As soon as interest rates go up some here, we'll be in the same boat, With Out Passport. :D
 

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I don't know who can afford to save it. As soon as interest rates go up some here, we'll be in the same boat, With Out Passport. :D
I amazes me how many people like CVX just do not get this. While CVX whines like a little school girl because he may find himself scrounging for a low talent, zero skill job in the private sector soon, and that we are trying to destroy the country by DEMANDING real cuts in the run away spending, the REAL THREAT to the country is the REAL possibilty that interest rates could jump and the coutnry tail spins because it can't meet the insane interest payments on the insane debt he is more than willing to run thru the roof.
You can tax the wealthy all you want, but if the tinterest rates jump to 6, 7 ,8 percent, we are totally screwed.
This is a realy possibiltiy that CVX and his commie friends on the boards just do not get. When the intertest other countries are willing to pay, and MAY be in a better position to actually pay it, then the U.S. will either have to step up and pay the same, or lose it lenders. When the lenders see the real possibilty of default outside of printed useless dollors, then its game over.

Why the marxist morons can't come to grips with the fact the U.S. IS NOT the monetary powerhouse they think it is, I do not understand.
They some how believe WE are the sole controller of the world money market. If China decides it wants a little as 5% on it's money or they will loan it where they can, then its lights out.

Why that is so hard to understand is beyond me.



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I believe we will just become insolvent. There is no way to pay off the national debt at this point. The F'd part is the majority is owed to the citizens who paid in and will recieve pennies on the dollar if we/they are lucky. Somehow, the banks and Fed will recieve full or close to what they feel the tax payers owe them. Sad but true IMO.
 
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