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Thread: Eurozone debt hits 90 percent of its economy

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    roadmaster's Avatar Senior Member
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    Eurozone debt hits 90 percent of its economy

    http://www.wral.com/eurozone-debt-hi...orth/11694469/


    LONDON — In spite of years of harsh spending cuts and tax rises, Europe's debt problems are getting worse.
    For the first time since the euro was launched in 1999, official figures showed Wednesday that at the end of the second quarter the total debt of the 17 countries that use the single currency was worth 90 percent of the value of the eurozone's economy.

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    waltky (11-15-2012)

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    And that is their official debt and does not count entitlement program spending.

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    Red face

    Double-dip recession comes to Europe...

    Eurozone slides back into recession
    Nov 15,`12 -- The 17-country eurozone has fallen back into recession for the first time in three years as the fallout from the region's financial crisis was felt from Amsterdam to Athens.
    And with surveys pointing to increasingly depressed conditions across the 17-member group at a time of austerity and high unemployment, the recession is forecast to deepen, and make the debt crisis - which has been calmer of late - even more difficult to handle. Official figures Thursday showed that the eurozone contracted by 0.1 percent in the July to September period from the quarter before as economies including Germany and the Netherlands suffer from falling demand.

    The decline reported by Eurostat, the EU's statistics office, was in line with market expectations and follows on from the 0.2 percent fall recorded in the second quarter. As a result, the eurozone is technically in recession, commonly defined as two straight quarters of falling output. The eurozone economy shrank at annual rate of 0.2 percent during the July-September quarter, according to calculations by Capital Economics. "The eurozone economy will continue its decline in Q4 and probably well into 2013 too - a good backdrop for another debt crisis," said Michael Taylor, an economist at Lombard Street Research.

    Because of the eurozone's grueling three-year debt crisis, the region has been the major focus of concern for the world economy. The eurozone economy is worth around (EURO)9.5 trillion, or $12.1 trillion, which puts it on a par with the U.S.. The region, with its 332 million people, is the U.S.'s largest export customer, and any fall-off in demand will hit order books. While the U.S has managed to bounce back from its own recession in 2008-09, albeit inconsistently, and China continues to post strong growth, Europe's economies have been on a downward spiral - and there is little sign of any improvement in the near-term. Last week, the European Union's executive arm forecast the eurozone's economy would shrink 0.4 percent this year. Then only a meager 0.1 percent growth in 2013.

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    Still not in spitting distance of the race leader , the US .
    Think total debt and adding obligations and some sum it over $200 trillion .

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    Quote Originally Posted by Carygrant View Post
    Still not in spitting distance of the race leader , the US .
    Think total debt and adding obligations and some sum it over $200 trillion .
    You are correct. But now go and look at percentages of GDP-Debt. The US fairs much better that way.

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    Quote Originally Posted by Peter1469 View Post
    You are correct. But now go and look at percentages of GDP-Debt. The US fairs much better that way.
    How is the GDP calculated in this situation? Is foreign-earned income included? Are the foreign shares parts of portfolios included?

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    Quote Originally Posted by LiarSOB View Post
    How is the GDP calculated in this situation? Is foreign-earned income included? Are the foreign shares parts of portfolios included?
    I imagine that our banks are not being honest with the levels of foreign sovereign debt that they own, if that is what you mean.

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    Quote Originally Posted by Peter1469 View Post
    I imagine that our banks are not being honest with the levels of foreign sovereign debt that they own, if that is what you mean.
    They will start toppling from around summer of this coming year .
    Let's see which of these exist this time next year ---- Bank of America , City Group , Wells Fargo .
    Answer ? None

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    Quote Originally Posted by Carygrant View Post
    They will start toppling from around summer of this coming year .
    Let's see which of these exist this time next year ---- Bank of America , City Group , Wells Fargo .
    Answer ? None
    You may very well be correct.

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