Originally Posted By: AuntyM
Originally Posted By: StinkingWaters
C'mon now Hank.

That's because the banks won't let them refinance all that debt grin

A system that pays people not to work eventually creates a mind set where many people choose not to work. In the years ahead the citizens of the European welfare systems will most likely wake up to this reality.


Wait... banks (big business) loan money??? Wouldn't that. like, stimulate the economy or something?

(yes, I DO wait for ya'll to step on your peckers!)


Apparently you missed the sarcasm.

By banks I was refering to the central banks that hold the debt of those gov'ts.

They're having trouble refinancing the massive debt loads and trouble selling government bonds precisely because the risk of non-payment exists. That's the reason they are being required to implement austerity measures.



Edited by StinkingWaters (06/02/10 04:55 PM)
_________________________
On a long enough timeline the survival rate for everyone drops to zero.