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Cutting expenses has not solved the _debt_ problem, but has surely solved the _deficit_. Greece has a strong primary surplus.
by occamrazor 9y ago
Cutting expenses has not solved the _debt_ problem, but has surely solved the _deficit_. Greece has a strong primary surplus.
- shkkmo 9y ago> but has surely solved the _deficit_. Greece has a strong primary surplus. No, it hasn't. The "primary surplus' doesn't include any debt repayments.
- Bartweiss 9y agoYes, exactly. I said "too little too late" because a primary surplus doesn't resolve crippling debt - at this point it looks like the debt is far too large to handle with any kind of sensible short-term spending cuts.