Showing posts with label Spain. Show all posts
Showing posts with label Spain. Show all posts

Thursday, April 29, 2010

Thinking About PIIGS

The debt crisis unfolding in Greece, and another probably coming up in Portugal and maybe even Spain, is interesting for me. It is an opportunity to deepen my understanding of what it means to be involved in a debt default which could be our experience someday in the United States. I have read the size of these economies, as a percent of the European Union (EU) GDP, is reported to be about 2% for Greece, Portugal is less at 1.5% and Spain is a meaningful 9%. So why all the fuss and worry over the two small economies?