10 August 2011.
During the 1970s, Former Citibank Chief Executive Walter Wriston famously declared that countries would never go bust or bankrupt. Governments also started to borrow large sums of money in order to fuel their spending, while lenders continued to provide these governments with a seemingly endless source of funds. Eventually, government debts grew to such insurmountable proportions that countries today are now faced with the distinct possibility of a default or even bankruptcy. How can we address the structural issues that threaten to consume the global economy?
NEW YORK – The Greek debt crisis has prompted questions about whether the euro can survive without a nearly unimaginable centralization of fiscal policy. There is a simpler way.