U.K. Teeters On The Brink Of Its Own Greek Debt Tragedy -- New york TimesLONDON — Could Britain be on the verge of a debt panic?
The fiscal crisis in Greece and a growing worry that the coming elections here could result in a hung Parliament, with no political party strong enough to push through unpopular deficit-cutting measures, have sparked fears that Britain will experience its own sovereign-debt meltdown. In such an event, foreign investors would sharply cut back on their purchases of British government bonds, leading to an interest-rate spike and a potential double dip-recession, if not worse.
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My Comment: Governments are like people, you can never live beyond your means.