The eurozone financial crisis is set to deepen following this week’s release of debt projections for the Greek economy. Budget estimates show that instead of peaking at 167 percent of gross domestic product, as predicted last March when the so-called bailout package was put in place, the debt ratio will hit 189 percent this year, rising to 192 percent in 2014—well above the worst case scenarios of just eight months ago.
With the Greek government expected to effectively run out of money by November 16, the eurozone crisis is certain to be a major issue at the G-20 finance ministers’ meeting beginning in Mexico City on Sunday. The German government’s refusal to make available any more money means that threat of a Greek default and a full-blown financial breakdown is back on the agenda.GREECE DID NOT HAVE TWO "UNFUNDED" WARS, AND DIDN'T HAVE BUSH TAX CUTS AND DIDN'T HAVE "GOP TOP-DOWN" DEREGULATION FOR THE GREEDY.
WHAT PUT GREECE ON THE PATH TO DEFAULT WAS AN UNBRIDLED WELFARE STATE AND TOO DAMN MUCH SPENDING AND TOO DAMN MUCH BORROWING.
IF OBAMA WINS, THEN HE WILL TURN THE USA INTO GREECE TO THE TENTH POWER.