Great piece from Adrian Hamilton in today’s Independent suggesting we are now witnessing the second phase of the Credit Crunch - the unwinding of debt. This is as much a political issue as a financial one, demanding political decisions about expenditure, tax and investment.
“The trouble with the trillion dollar rescue package put together by the Eurozone governments was that it once again bailed out the commercial banks with taxpayer's money, this time at the cost to the public of dramatic and early expenditure cuts.”
What needs to happen now is the rescheduling of the debt along time frames “more realistic to the national fiscal positions and popular acceptance.”
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