30 Jul '11, 1pm

Debt Crisis in Europe Far Worse Than in US | Care2 Causes

Debt Crisis in Europe Far Worse Than in US | Care2 Causes

The world is watching as the US sweats out another weekend without a deal to raise the federal debt ceiling and fears of the US defaulting and losing its AAA credit seem less like speculations and more a harsh reality. The International Monetary Fund has warned the US that the ongoing down-to-the-wire stalemate risks setting off Europe’s debt crisis, says the Guardian . The US has the world’s largest economy and conservative House Republicans are in essence holding the world economy hostage as they keep insisting they can’t raise taxes. Some US politicians have compared the US’s debt crisis to that in a country far away and with a far smaller economy , Greece . Through earlier part of this summer, international attention was focused on Athens as the Greek Prime Minister, George Papandreou, faced a crisis in his government over passing a set of harsh austerity measures dema...

Full article: http://www.care2.com/causes/debt-crisis-in-europe-far-wor...

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