Interesting graphic Peter.
It was also interesting reading the phoney euphoria which surrounded the bond auction in Portugal yesterday. More unaffordable debt in a country who’s growth expectations at best will be under 2% in good times. Paying just under 7% to service their debt and any fool can see disaster ahead.
The bond auction was heavily oversubscribed. No wonder when you can borrow a couple of million at 1.5% and receive almost 7% return. Free money. Free that is to the investor. The Portuguese will be paying for it for generations.
In Ireland every man woman and child is paying £1000 a month to service the governments debt mountain through taxation.
These are the realities of Euro membership.