Euro-Zoned Out!

Due to German-inspired excessively speedy austerity in Greece, Spain and Portugal, (GSP) the Euro-zone economy is quickly entering a needless recession. Worse, the GSP economies are shrinking by more than the spending cuts and tax increases they’re imposing, thus worsening their debt-to-GDP ratios. Moreover, Moody’s just downgraded French sovereign debt to one level below AAA, and the agencies will surely soon downgrade Spanish sovereign debt to junk.