World Business : Debt Crisis May Threaten Europe’s Economic Recovery

Europe's Economic

In the third quarter of 2009, the Euro Area economy emerged from the worst recession since World War II. Yet, during the last few weeks, the single currency union has been facing the biggest challenge since its establishment as lower tax revenues started bringing fiscal deficit in some member countries to unsustainable levels.

Indeed, the aftermath of the recent economic downturn has finally unveiled how weak public financing of many Euro Zone members have been. In fact, looking back, lower interest rates which came with Euro Area membership not only have allowed many countries to refinance its debt but also encouraged them to borrow and spend more. For example, from 2000 to 2008, Greece’s current account deficit rose more than six times, in Spain it quadruped and in Portugal it more than doubled.

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: World Business : Debt Crisis May Threaten Europe’s Economic Recovery

Tags: debt, Debt Crisis, economic, Euro Area economy, Euro Zone, financing

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World Business : Debt Crisis May Threaten Europe’s Economic Recovery says:

February 8, 2010 at 9:19 am

[...] Read full post on USA News [...]

jmb27 says:

February 15, 2010 at 5:11 pm

Predatory Lending is a major contributor to the economic turmoil we are currently experiencing.

Here is an example of what I am talking about:
Scott Veerkamp / Predatory Lending (Franklin Township School Board Member.)

Please review this information from U.S. Senator Jeff Merkley regarding deceptive lending practices:
“Steering payments were made to brokers who enticed unsuspecting homeowners into deceptive and expensive mortgages. These secret bonus payments, often called Yield Spread Premiums, turned home mortgages into a SCAM.”

The Center for Responsible Lending says YSP “steals equity from struggling families.”
1. Scott collected nearly $10,000 on two separate mortgages using YSP and junk fees. 2. This is an average of $5,000 per loan. 3. The median value of the properties was $135,000. 4. Clearly, this type of lending represents a major ripoff for consumers.

http://merkley.senate.gov/newsroom/press/release/?id=A09C6A80-537A-4EB1-83C5-31925F046B6F