New Japan Prime Minister Warns Country May Default
Image: shibuya246 on flickr
But since his sudden promotion to prime minister, Kan has been crying out about public debt levels. Today, he even used the signal word for austerity: Greece.
"Our country's outstanding public debt is huge. Our public finances have become the worst of any developed country. We cannot sustain public finance that overly relies on issuing bonds. As we can see from the eurozone confusion that started in Greece, there is a risk of default if growing public debt is neglected and trust lost in the bond market."
No one knows if he can pull off the mythical trick of reducing government spending while stimulating private sector spending. Kan may be overplaying the similarity Greece to get people behind fiscal reform, a Credit Suisse Japan analyst tells The Guardian.
We are the next Greece has been the signal phrase for fiscal reform in California, Hungary, and America.
Read more: http://www.businessinsider.com/japan-pm-abandons-talk-of-deflation-warns-of-greece-like-crisis-2010-6#ixzz0rpiyCpOh
No comments:
Post a Comment
the mikiverse loves free speech and wholeheartedley accepts, that someone who is diametrically opposed to my views is free to promulgate those thoughts...However, misogyny, racism, intolerance etc will see that comment deleted.
These abstract considerations will be solely, and exclusively determined by the mikiverse, so play hard, but, nice.