Tags: Economists | US | Worse | Greece

Economists: US Worse Than Greece in Some Ways

Thursday, 29 Sep 2011 08:59 AM

Americans are in no position to wag a finger at debt-ridden Greece, analysis conducted by Capital Economics shows.

U.S. government deficits as a percentage of gross domestic product and government receipts as a percentage of outlays are in worse shape than those in Greece, Spain, Portugal and Italy, Capital Economics' chief North American economist Paul Ashworth says, according to The Wall Street Journal.

In parts of Europe, meanwhile, defaults remains inevitable, says Capital's chief European economist Jonathan Loynes, who blames policymakers for addressing Greek debt issues too late, arguing they have been "failing to appreciate the situation and running hopelessly behind events," the Journal adds.
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"Austerity programs across the region are not working," Loynes says. "Austerity doesn’t work without growth."

At the center of the European debt crisis lies Greece, which is risking default and damaging financial systems across Europe and elsewhere.

The country has carried out painful austerity measures, including tax cuts and public-sector layoffs in order to right its economic ship and receive assistance money from European leaders and the International Monetary Fund (IMF).

A team of European and IMF inspectors gauging Greece's commitment to carrying out austerity measures had threatened to cut off aid if Athens didn't move faster, but now appears pleased with the southern European country's progress and ready to continue with aid disbursements, Reuters reports

"I can confirm the Eurogroup (of eurozone ministers) will hold an additional meeting as soon as possible, still in October, to discuss the situation of Greece and consider the disbursement of the next tranche," a European Commission spokesman says, Reuters adds.

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Americans are in no position to wag a finger at debt-ridden Greece, analysis conducted by Capital Economics shows. U.S. government deficits as a percentage of gross domestic product and government receipts as a percentage of outlays are in worse shape than those in Greece,...
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