A new generation development strategy
Reduction of €15 Billion costs over four years, now extended to 2014. The target is to reduce debt-to-GDP ratio to 3 per cent. Consideration Borrowing, excluding the banks, was 11.9% of GDP for 2010. Conclusion: Reduced economic growth, business failures, increase in taxation and social welfare costs.
Summation: This is an apolitical conclusion based on facts already in the public domain. Much media and political focus will continue on the Eurozone development. Sadly there is little evidence of a (re)structured development plan in what is now very changed circumstances. Those who continue to gain solace in export growth still fail to grasp that trend is based on economic activity in client countries rather than domestic influences.