France, U.K. and Germany have growing budget deficits and debt, while the former crisis hot spots in the south look financially healthier
The European debt crisis of the early 2010s created an image of a continent cleaved in two: The fiscally responsible core countries led by Germany versus the spendthrift southern periphery of Portugal, Italy, Greece and Spain—disdainfully dubbed PIGS.
Nowadays, there has been a role reversal. Europe’s three biggest economies are stuck in a cycle of weak growth, leading to widening budget deficits. France is the epicenter of this shift and remains mired in a budget and political crisis, while the U.K. is weighing tax rises to try to narrow the gap and avoid spooking markets. Famously frugal Germany and the Netherlands are taking on debt, albeit from lower levels.
Note: link is from early November but still relevant.
I was looking for an article which highlighted the irony of Europe’s curent economic situation; and that is that basically Southern Europe is now doing very well, while the North is struggling after the 2010 debt crisis.
Added: It’s also good to know that the reforms and aid did something to help out the southern economies, and that sometimes Europe works beacuse " if you scratch my back today, I’ll scratch yours tomorrow". It’s a good example that the European Project works
Alternate headline: After calling southern economies PIGS, EU’s north now FUKNG it up
