It’s the Debt, Stupid!

MishTalk

For those still wondering why the global economy is struggling, the simple answer is “It’s the debt, stupid.”

We will return to the global economy in a moment, but first consider the plight of Greece.

A detailed study shows that of €215.9 billion in Greek aid, only €9.7 billion went to Greece. The rest went to banks and other creditors.

Greece still has to pay back the rest, and is struggling to do so.

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