Thursday 30 June 2011

Eh bien Madame Lagarde, About Those Local Debts, They Too Are in Crisis

Haydn Shaughnessy
Forbes magazine

This is a major article posing the question of local indebtedness, from Germany to the US, to France.

"Germany’s 11,000-odd municipalities had a deficit of €7.7 billion last year, the second-highest ever…. in NRW( North Rhein Westphalia) local social spending rose by 274% between 1980 and 2006, whereas revenue went up only by 104%."

The mayor of Alto, Texas has warned people to 'bolt your doors' after laying off the entire police force due to lack of funds.

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