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Europe is in worse shape than the US!!!!

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posted on Feb, 17 2009 @ 12:03 PM

UK Telegraph's economics correspondent Ambrose Evans-Pritchard:

"Global banks have so far written down half the $2,200bn losses
estimated by the IMF. On top of this, EU banks have $1,600bn
of exposure to Eastern Europe -- increasingly viewed
as Europe’s subprime debacle, and EU corporate debts are 95pc of GDP compared to 50pc in the US, a mounting concern as default rates surge.

Information clearing house

Read these number again, EU has 1.6 "TRILLION" exposed (exposed means will probably turn into bad debt).

Read EU corporate debts are "(95%)" of EU GDP.

GDP=gross domestic product

What this means is EU's debts=95% of their yearly income
The US debt is a "only" =50% of US GDP.

[edit on 2/17/2009 by mrmonsoon]

posted on Feb, 17 2009 @ 12:34 PM
That may be true, but to play Devil's advocate here, our US federal obligations (ie: 'Debts') are somewhere in the neighborhood of 5 to 8 times our national GDP, if you count Medicare, Social Security, and medicaid.

Of course you also have to consider the fact that corporate debts in the US are increasingly being bailed out by the US government and are being shuffled onto the shoulders of the American tax payer. Debt socialism coupled with profit capitalism... To paraphrase the wise words of Gunnery Sergeant Hartman "Corporate America, eat your jelly donut, we the people pay for the jelly donut. You are a disgusting fat body, Corporate America!" We're all being punished for the continuing misdeeds of corporate America and it will continue until we all collectively decide to load up pillow cases with bars of soap and beat the bejesus out of these worthless companies in the middle of the night.

posted on Feb, 17 2009 @ 12:41 PM
reply to post by burdman30ott6

I agree with you.

This post, however, was only looking at the debt caused by banking meltdown.

I wonder what the EU's debt would be if we include their social medicine ect....

posted on Feb, 17 2009 @ 01:00 PM
reply to post by mrmonsoon

From the article I read and posted about the numer was 16.3 trillion POUNDS or about $34 trillion.

Either way the sheer scope of the problem and the fact that it seems to be global, they should just write it off and start over from scratch. I mean how else are you going to pay an interest incuring debt that is several times your GDP?

posted on Feb, 17 2009 @ 01:10 PM
reply to post by mrmonsoon

Day to day European social healthcare is paid from general taxation, with major infrastructure being funded directly by the government via taxation or by public/private partnerships. Can be argued that the latter introduces more debt to the public finances, others claim it's merely long term commercial contracts funded by taxation.

I'm as mystified by this economic turmoil as most folks. Last estimate I saw of US government liabilities (including Medicaid, pensions etc) were sitting at approx $65 trillion, although one website I visited last night (possibly ATS haha) put US government liabilities anywhere between $70 and $99 trillion.

I think arguing about whose lifeboat is sinking faster is rather pointless.

We'll all be at the bottom of the briny soon enough.

[edit on 17/2/09 by Niall197]

posted on Feb, 17 2009 @ 04:51 PM
reply to post by Niall197

Aye Lad...we'll all be Sleepin' with Davey Jones soon 'nuff...aaarrr...

Sad sad sad...soon to be worse...

And h...e...r...e we gooooooooooo...

NZX 50 FF GROSS INDEX 2,640.09 -32.53 -1.22% 17:17
NZX TOP 10 INDEX 780.26 -8.05 -1.02% 17:17
NZX 15 GROSS INDEX 4,877.18 -54.51 -1.11% 17:17
NZX ALL INDEX 670.77 -7.44 -1.10% 17:03

New Zealand 1st to open...

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