LONDON (AP) — In spite of years of harsh spending cuts and tax increases, Europe's debt problems are getting worse.
Official figures showed Wednesday that the total debt of the 17 countries that use the single currency at the end of the second quarter was worth 90 percent of the value of the group's economy — the highest level since the euro was launched in 1999.
The rise from the previous quarter's 88.2 percent and the previous year's equivalent of 87.1 percent, as reported by Eurostat, the EU's statistics office, is a result of the eurozone's economic problems — which are making it harder for countries to handle their debts.
"The euro area economy remains stuck in a rut," said James Ashley, senior European economist at RBC Capital Markets.
According to Eurostat five of the countries that use the euro are in recession — Greece, Spain, Italy, Portugal, and Cyprus. Many analysts expect the eurozone to slip back into
http://finance.yahoo.com/news/eurozone-debt-hits-90-percent-economy-100931312--finance.html?l=1
Realist - Everybody in America is soft, and hates conflict. The cure for this, both in politics and social life, is the same -- hardihood. Give them raw truth.
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