In his
Portugal? O Nao! post, Paul Krugman writes:
It’s looking as if Portugal is the next eurodomino... it’s by far the blurriest of the troubled peripheral countries.
What I mean by that is that the Portuguese macro story is harder to tell... There was a lot of private-sector borrowing, but it’s not that easy to explain exactly why.
I don't know which way to go with this:
1.
SEE!! Krugman knows it's private-sector debt that's the problem.
2.
WHY?? Paul, it's 20, 30, 40 years too late to worry about
why.
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