Escrito pelo vice-presidente do Banco Mundial ...

(...) «the deflationary spiral, particularly in Greece and Spain, is causing output to contract so rapidly that further spending cuts and tax increases are not reducing budget deficits and public debt relative to GDP. 

And Europe’s preferred solution – more austerity – is merely causing fiscal targets to recede faster. As a result, markets have again started to measure GDP to include some probability of currency re-denomination, causing debt ratios to look much worse than those based on the certainty of continued euro membership.

CommentsWhile all of this is happening in Europe’s south, most of the northern countries are running current-account surpluses. 

Germany’s surplus, at $216 billion, is now larger than China’s – and the world’s largest in absolute terms. Together with the surpluses of Austria, the Netherlands, and most non-eurozone northern countries – namely, Switzerland, Sweden, Denmark, and Norway – northern Europe has run a current-account surplus of $511 billion over the last 12 months. That is larger than the Chinese surplus has ever been – and scary because it subtracts net demand from the rest of Europe and the world economy.» (...)

É longo, em inglês e economês, mas foi escrito pelo vice-presidente do Banco Mundial ... Talvez fosse bom ouvi-lo.