In the red

In November 2009 the European Commission published its autumn prognosis for the years 2009-2011. Striking is the prediction of the concerning development of the national budgets of most EU-states. According to the document hardly any of the EU-states will fulfill the Maastricht-criteria in 2010. The situation looks especially critical for Ireland and Greece. The tenor of public debates on this seems to be that the Irish or the Greek themselves are to blame for their situation. The term PIGS (for Portugal, Ireland/Italy, Greece, Spain) used expresses a poor attitude and might distract from the fact that the common economic imbalance in Europe is not entirely their fault.

For further reading: Times Online

Government balance and gross debt in Europe


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