All eyes are on Greece these days, with hopes that the situation there can soon be resolved and global recovery kicked into high gear.
Sadly, those hopes are misguided claims Ben Davies, CEO of Hinde Capital. In fact, he says, Greece's pain foreshadows the future awaiting the rest of the world.
It all comes down to simple math. Greece has increased its debts at a rate far faster than its income has grown. At some point, the debt became so large that the country could no longer service it.
What makes the rest of the PIIGS immune from a similar fate? Or Japan? Or the U.S.? Or the OECD, in general?
Nothing.
by blaggers