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On March 20, Trump also attacked Warren, a former Harvard Law School professor, telling the Times, “I think it wonderful because the Indians can now partake in the future of the country. She got about as much Indian blood as I have. Her whole life was based on a fraud.
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But the eurozone countries have not converged. From 1985 2010, Germany substantially improved productivity, exercised wage restraint, liberalized regulations, and opened further to global competition, all of which boosted German productivity. Greece, Portugal, and other southern economies continued to limit competition, supported local monopolies, and left restrictive labor practices in place.
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If any borrower has too much debt, one does not help him by lending more that only digs him in further. The defaults, when they come, will only be larger. The markets clearly see this, so that sovereign bond rates and CDS spreads keep climbing ever higher.