Greece caused the euro zone to catch the flu, but its economy is relatively tiny, smaller than 14 US states and 11 EU states. The national debt of Greece is around 347 billion EUR, which is 159 percent of its Gross Domestic Product but still smaller in absolute value than its neighbors in Club Med. Italy, for instance, is over 1.88 trillion EUR in the red (120 percent of GDP); the recently downgraded Spanish debt is over 706 billion EUR (66% of GDP). These figures dwarf the 440 billion EUR remaining in the European Financial Stability Facility after the Irish and Portuguese bailouts.
So, if Greece gave the euro the flu, Spain and Italy are going to give it something like Ebola. - in RI
Related, iShares MSCI Italy Index ETF (EWI), iShares MSCI Spain Index ETF (EWP)
Peter Schiff`s comments on the economy, stock markets, politics and gold. Schiff is the renowned writer of the bestseller Crash Proof: How to Profit from the Coming Economic Collapse.
- Momentum Stocks Are Having Trouble
- Quantitative Easing (QE) Is An Euphemism For Inflation
- China: No Evidence That Demand For Gold Will Slow
- Video: The Bullish Case For Gold
- People Are Starving For Yield
- What The Stock Market Really Wants
- Why the Fed Can`t Raise Interest Rates
- What Separates A Rich Country From A Poor Country
- Jack Lew: Germany Needs More Inflation
- Australian Dollar (AUD): Clear Sailing For Much Higher Levels
- ► 2013 (395)
- Analogy: Facebook & The US Economy
- Look At The Increase In Contingency Liabilities In...
- Sovereign Debt Crisis
- America Is Already Bankrupt
- Gold Mining Shares: There`s A Very Good Chance Tha...
- A Few Thoughts On US Economic Growth
- We Are Digging Ourselves Into A Hole
- The Real Crash Is Still In Our Future
- Facebook`s IPO
- My New Book: The Real Crash
- Facebook (FB) Should Have Gone Public 4 Or 5 Years...
- Is America Bankrupt?
- QE3 Puts A Floor Beneath The Market
- We Keep Getting More Weak Economic Data
- Stocks: No Big Downside, No Big Upside
- This Economy Needs QE The Way A Heroin Addict Need...
- World's Economic Growth Beyond America's Borders
- Economic Fundamentals Vary Greatly In Different Co...
- Stock Market: I Don`t Think The Market Is Going To...
- Both Germany And China Produce More Than They Cons...
- Currencies, Surplus And Deficits
- We Are Going To Get More QE Than Rocky Movies
- US Treasuries Are Junk Bonds
- Stock Market Outlook: We Can Have a Bigger Selloff...
- The Surplus Countries Will Make The Rules
- Bullish On Gold Stocks
- The Big Picture Is All Bullish For Gold
- Like The Nations Of Southern Europe, The United St...
- I Am About To Release My Latest Book
- What Could Fix This Economy?
- Video Interview: RT
- Video: The Life Of Julia
- The Euro Plague
- Exclusive interview with Allan Meltzer, Chair of ...
- CNBC Video: US Economy, Jobs Outlook
- The Only Thing Propping Up Our Phony Economy Is Ze...
- We Are Going To Have More QE Than Rocky Movies
- US Treasuries Are Junk Bonds
- Thoughts On The Gold Standard
- Video: Schiff On Huckabee
- We Are Never Going To Be Able To Pay Creditors Bac...
- The Consumer Is Not The Engine
- Gold Is A Reserve, Gold Is An Asset
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