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Over the last three decades the advanced capitalist countries have tried to overcome the recurrent crisis of overproduction and to keep their economies and profits growing through the neoliberal offensive of exploiting cheap labor, seizing raw materials and dominating markets across the globe. Since the 1990s, they have resorted more and more to financial devices: speculative profits and debt-driven consumption and production.
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| The Coming European Debt Wars, EU Countries sinking into Depression |
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| Written by Prof. Michael Hudson |
| Friday, 09 April 2010 14:30 |
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Government debt in Greece is just the first in a series of European debt bombs that are set to explode. The mortgage debts in post-Soviet economies and Iceland are more explosive. Although these countries are not in the Eurozone, most of their debts are denominated in euros. Some 87% of Latvia’s debts are in euros or other foreign currencies, and are owed mainly to Swedish banks, while Hungary and Romania owe euro-debts mainly to Austrian banks. So their government borrowing by non-euro members has been to support exchange rates to pay these private-sector debts to foreign banks, not to finance a domestic budget deficit as in Greece. Add this page to your favorite Social Bookmarking websites
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Newest Resources
Resist newsletter -August 2011
3rd IAMR Press Release
URGENT APPEAL OF THE DISPLACED WORKERS OF TRIUMPH INTERNATIONAL PHILIPPINESImage Gallery
