The status of negotiations between Greece and its official creditors – the European Commission, the ECB and the IMF – dominated headlines last week. At the core of the negotiations is a simple question: How much of an adjustment has to be made by Greece, how much has to be made by its official creditors? … Continue reading
Financial bailouts, stimulus spending, and lower revenues during the Great Recession have resulted in some of the highest public debt ratios seen in advanced economies in the past forty years. Recent debates have centered on the pace at which to pay down this debt, with few questions being asked about whether the debt needs to … Continue reading
By Valentin Katasonov Despite the chilling nature of global debt and individual country debt figures cited in the report — Debt and (not much) deleveraging — published by the well-known consulting firm McKinsey in February 2015, for the most part these figures are incomplete and underestimated. The situation is in fact far worse. This is clearly illustrated by … Continue reading