Europe Tackles Debt, U.S. Ignores It

Europe Tackles Debt, U.S. Ignores It

The common view in North America is that the 27-country European Union is a hopeless mess that will collapse under the weight of bailout loans to an ever lengthening list of burnt-out deadbeats. Greece and Ireland accepted bailouts last year, Portugal is on the brink of doing the same, and Spain and Italy could be next. In truth, some of the EU countries are thriving (German exports are on fire; Sweden is expected to post a budget surplus), some are holding their own (France, Austria) and a few small “peripheral” economies are falling apart (you know who).

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