From http://www.ft.com/cms/s/0/f90bca10-1679-11df-bf44-00144feab49a.html http://www.ft.com/cms/s/0/f90bca10-1679-11df-bf44-00144feab4... On reflection, it is a

From http://www.ft.com/cms/s/0/f90bca10-1679-11df-bf44-00144feab49a.html http://www.ft.com/cms/s/0/f90bca10-1679-11df-bf44-00144feab4... On reflection, it is appropriate that the fiscal crisis of the west has begun in Greece, the birthplace of western civilization. Soon it will cross the channel to Britain. But the key question is when that crisis will reach the last bastion of western power, on the other side of the Atlantic. The IMF recently published estimates of the fiscal adjustments developed economies would need to make to restore fiscal stability over the decade ahead. Worst were Japan and the UK (a fiscal tightening of 13 per cent of GDP). Then came Ireland, Spain and Greece (9 per cent). And in sixth place? Step forward America, which would need to tighten fiscal policy by 8.8 per cent of GDP to satisfy the IMF.