Sovereign debt concerns are ripping apart the eurozone at the moment, but member states may be able to take inspiration from the previous success stories of the U.S. and UK, according to this chart from Niall Ferguson’s presentation on Sovereign debt.
Both the U.S. and UK were able to face up to their debt challenges and grow out of their debt crisis through the last century. But they also could take advantage of a period of global stability and high private and public growth.
Unless you envision a major global boom — doubtful given demographic differences since then — the only way out is austerity.
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