Economia
To Thrive, Euro Countries Must Cut Welfare State
By Fredrik Erixon
"...Take the four countries at the epicenter of the euro-area crisis: Greece, Ireland, Portugal and Spain. They are in many ways different, but they have three important characteristics in common.
First, total debt in these countries expanded rapidly throughout the past decade -- either because of increasedgovernment borrowing (Greece and Portugal) or through a rapid buildup of private debt (Ireland and Spain). Second, they all ran substantial current-account deficits in the years before the crisis. Third, government spending in those nations grew at remarkably high rates. In Greece and Spain, nominal spending by the state increased 50 percent to 55 percent in the five years before the crisis started, according to my calculations based on government data. In Portugal, public expenditure rose 35 percent; in Ireland, almost 75 percent. No other country in Western Europe came close to these rates.
Clearly, the welfare-state expansion in Greece and Portugal was part of the reason these two countries ended up as clients of Europe’s bailout mechanisms. But Ireland and Spain had problems with the rapid expansion of the state, too.
Mais
- A Economist Sobre Portugal, Grécia E Irlanda, A Ler
"Eles vão rebentar. Reconheçam" "(...) These economies [Greece, Ireland and Portugal] are on an unsustainable course, but not for lack of effort by their governments. Greece and Ireland have made heroic budget cuts. Greece is trying hard to free up...
- Ler Os Outros: Why Italy ? Why Not America ? - Krugman
"Specifically, the reason Greece (and Ireland, and Portugal, and to some extent Spain) are in so much trouble is that by adopting the euro they’ve left themselves with no good way out of the aftereffects of the pre-2008 bubble. To regain competitiveness,...
- Um Artigo Muito Interessante
De Martin Wolf no FT (via Pedro Lains) do qual cito a conclusão nada optimista: "Where does that leave peripheral countries today? In structural recession, is the answer. At some point, they have to slash fiscal deficits. Without monetary or exchange...
- A Crisa Da Dívida Europeia
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- Crise Da Dívida Soberana Na Europa - Mapa Interativa
European economies Europe's deepening crisis Nov 10th 2011, 17:48 by The Economist online THE interactive graphic ... (updated November 10th 2011) illustrates the depth of the problems that the European economy faces. The euro-zone crisis reached...
Economia
A orígem da crise europeia
To Thrive, Euro Countries Must Cut Welfare State
By Fredrik Erixon
"...Take the four countries at the epicenter of the euro-area crisis: Greece, Ireland, Portugal and Spain. They are in many ways different, but they have three important characteristics in common.
First, total debt in these countries expanded rapidly throughout the past decade -- either because of increasedgovernment borrowing (Greece and Portugal) or through a rapid buildup of private debt (Ireland and Spain). Second, they all ran substantial current-account deficits in the years before the crisis. Third, government spending in those nations grew at remarkably high rates. In Greece and Spain, nominal spending by the state increased 50 percent to 55 percent in the five years before the crisis started, according to my calculations based on government data. In Portugal, public expenditure rose 35 percent; in Ireland, almost 75 percent. No other country in Western Europe came close to these rates.
Clearly, the welfare-state expansion in Greece and Portugal was part of the reason these two countries ended up as clients of Europe’s bailout mechanisms. But Ireland and Spain had problems with the rapid expansion of the state, too.
Mais
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- A Economist Sobre Portugal, Grécia E Irlanda, A Ler
"Eles vão rebentar. Reconheçam" "(...) These economies [Greece, Ireland and Portugal] are on an unsustainable course, but not for lack of effort by their governments. Greece and Ireland have made heroic budget cuts. Greece is trying hard to free up...
- Ler Os Outros: Why Italy ? Why Not America ? - Krugman
"Specifically, the reason Greece (and Ireland, and Portugal, and to some extent Spain) are in so much trouble is that by adopting the euro they’ve left themselves with no good way out of the aftereffects of the pre-2008 bubble. To regain competitiveness,...
- Um Artigo Muito Interessante
De Martin Wolf no FT (via Pedro Lains) do qual cito a conclusão nada optimista: "Where does that leave peripheral countries today? In structural recession, is the answer. At some point, they have to slash fiscal deficits. Without monetary or exchange...
- A Crisa Da Dívida Europeia
...
- Crise Da Dívida Soberana Na Europa - Mapa Interativa
European economies Europe's deepening crisis Nov 10th 2011, 17:48 by The Economist online THE interactive graphic ... (updated November 10th 2011) illustrates the depth of the problems that the European economy faces. The euro-zone crisis reached...