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Politics : View from the Center and Left -- Ignore unavailable to you. Want to Upgrade?

To: Steve Lokness who wrote (173080)	10/5/2011 8:24:28 AM
From: Steve Lokness	Respond to of 543063

On Greece bailout; <<<<The monstrous quantity of debt in Western economies is the result of decades of deferring pain. Whenever an economic downturn looms, governments run deficits to "stimulate the economy" and central banks lower interest rates to encourage borrowing and investment. Public and private sector debt grows and the next emergency is even worse. Politicians always want economic pain to come after the next election. Transferring the debts of insolvent governments from banks to public bodies, such as the EFSF, achieves this. It shifts the cost of bad lending decisions on to future taxpayers.>>>>>> bbc.co.uk