There is no country in the world that can claim to be immune from a "Greek-style" spiral. And this is because economies mature and populations age, so it looks like "We Are All Greeks Now". The real-life stress test for Greece -i.e. failure of an OECD state- is an electroshock for industrialized nations, that will be followed by major changes in the fiscal policies of these countries! Countries with the highest protection level will have very limited room to manoeuvre or to reduce their spending. Those that offer the least protection may be faced with the need to increase their social action.
Source - Porta2Porta
February 26, 2012
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