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An increasing number of Republicans do not believe the Obama administration's dire predictions of economic "catastrophe" if the debt limit is not increased. They argue a period of technical default can be managed without plunging markets into chaos.
"I have yet to meet one Republican who actually says a failure to raise the debt limit scares them," Frum said. "It is deeply, deeply troubling the number of Republicans I now talk to -- and I include the mainstream -- who think a technical default is manageable.
U.S. Republican lawmakers are "playing with fire" by contemplating even a brief debt default as a means to force deeper government spending cuts, an adviser to China's central bank said on Wednesday.
The central Spanish region of Castilla-La Mancha is “totally bankrupt”, according to the incoming administration of the rightwing Popular party (PP), an accusation that will deepen concerns about Spain’s budget deficit.
The deficit in Spain's second largest region, Catalonia, is two times the size that the incoming nationalist government expected to find, after booting the socialists from power.
The European Union doesn’t have the resources to rescue Spain if it “collapses,” an event that could lead to the end of the euro, Nobel Prize-winning economist Christopher Pissarides said. A collapse would be “a very serious problem,” Pissarides, who teaches at the London School of Economics, said at a forum in Beijing today. Such an event “might even see the end of the euro as a common currency,” he said.
Originally posted by kalunom
"Brief default" ... that's like "partial meltdown" right?
Originally posted by camaro68ss
Sorry bank I maxed out my credit card and can no longer pay the payments. Can you extend my credit limit so I DON’T DEFALT? Lol yeah right.
Originally posted by lewman
there may come a day when the us will be able to pay back their debts to other nations by giving those nations contracts for resources in lands that have been conquered by the war machine.
Originally posted by David9176
Amazing hmm...the Capitalists sure LOVE doing businesses in COMMUNIST countries....eh?edit on 8-6-2011 by David9176 because: (no reason given)