EU Bonds: Portugal proving the point

17th March 2011

A flawed strategy

Einstein summed up the challenge being faced within the EU succinctly when he proclaimed "you can't solve a problem with the same kind of thinking that created it". In Europe today, many countries are struggling under the burden of too much debt and the problem is being tackled with the issuance of yet more debt. Crucially, without growth, debt as a percentage of GDP will continue to worsen even before new debt is added to the equation. Investors are losing patience.

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