Eurozone: State bankruptcies on the horizon?
Stagflation, recession, rising credit costs, unemployment… the negative signals are multiplying for the eurozone economies. As the end of the year approaches, these indicators are going to hit the headlines and it is going to become increasingly complicated for governments to put on a brave face. The direct consequence is a loss of confidence on the markets, which immediately translates into an increase in the cost of public debt. Keeping an eye on the most heavily indebted countries (Greece (171.3%), Italy (144.4%), Portugal (113.9%), Spain (113.2%), France (111.6%) and Belgium (105.1%), whose budget balances are the most fragile, will prove essential. The most prudent thing to do is to steer clear of them if you have investments in treasury bills, as our team believes that state bankruptcies can no longer be ruled out. Solidarity mechanisms at European level will certainly work, but not without turbulence.
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Mihai Nadin, Emeritus Ashbel Smith University Professor, University of Texas at Dallas. His career combines engineering, mathematics, digital technology, philosophy, semiotics, theory of mind, and anticipatory systems. He holds advanced [...]