| kowenicki said: I think perhaps the reason why it is seen as worse is becuase these countries have less options and less control.... they cant just print money like the US, UK and Japan can or move interest rates to suit themselves. It would mean printing Euro's and moving the Euro rate and this would have a negative impact other nations in better shape. California has almost exactly the same debt problems as Greece, and yet this isnt seen as anywhere near as bad due partly to sentiment, but also becuase they have many more option in the US to deal with it. |
California already got bailed out at least twice by Uncle Sam, besides using a ton of accounting tricks to "fix" their deficit (I do remember reading they shifted some public salaries a day forward so that they would count towards the next fiscal year... great stuff they do over there).
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