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http://www.domain-b.com/economy/worldeconomy/20110813_austerity_measures.html
And this happened in just 2 weeks. In 2013, Italy will have a balanced budget. France is already getting its act together. Germany, even in the depths of recession - 2008, had a budget deficit that America would run in its best years.
I believe America should stop acting like a hypocrite ( SEC probing S&P) and instead focus on getting its house in order by raising taxes on super rich and cutting frothy spending.
If the above things materialize, once the dust settles-debt crisis in Europe because of huge amount of debt maturing in 2011 and 2012- the euro will blast off against the dollar come 2012 and 2013. In fact, despite the crisis in Euro zone, I have to say Euro has held up extremely well against the dollar.
Italian Prime Minister Silvio Berlusconi yesterday announced $65 billion in austerity measures including tax hikes and spending cuts over the next two years in order to balance the budget by 2013.
And this happened in just 2 weeks. In 2013, Italy will have a balanced budget. France is already getting its act together. Germany, even in the depths of recession - 2008, had a budget deficit that America would run in its best years.
I believe America should stop acting like a hypocrite ( SEC probing S&P) and instead focus on getting its house in order by raising taxes on super rich and cutting frothy spending.
If the above things materialize, once the dust settles-debt crisis in Europe because of huge amount of debt maturing in 2011 and 2012- the euro will blast off against the dollar come 2012 and 2013. In fact, despite the crisis in Euro zone, I have to say Euro has held up extremely well against the dollar.