While a wasteful public sector has driven Greece, and to a lesser extent Italy, to the edge of fiscal abyss - for the most part, Spain and Ireland?s problems had a different cause. The sovereign debt crisis in those two countries was mostly related to the over-investment in housing, necessitating a public intervention.
It?s important to make a quick distinction, as residential investment isn?t the same as other forms of investment in the economy, such as the investment in capital goods, ...
posted in General
at Wed, 06 Jun 2012 11:07:55 -0600