Spain Did Not Run Up High Public Debt

In an article discussing the current budget situation in Italy the NYT told readers:


"Germany has adamantly opposed what it sees as rewarding the bad behavior of southern rim countries like Italy, Greece, Spain and Portugal, which amassed high public debts and where tax evasion is rampant."


Actually, of this group only Greece was consistently experiencing a rise in its debt to GDP ratio. In Portugal there was some increase in the debt to GDP ratio in the years prior to the recession, but...

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Published on December 29, 2011 02:43
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