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research group, has dubbed the "debt supercycle"—has now come to an end. Debt reduction has become a hot political issue. Rioters on the streets of Athens have been protesting against the "junta of the markets" that is imposing austerity on the Greek economy, and tea-party activists in America, angry a
ten mature economies rose from 200% of GDP in 1995 to 300% in 2008 (see chart 1 for a breakdown by country). There were even more startling rises in Iceland and Ireland, where debt-to-GDP ratios reached 1,200% and 700% respectively. The burdens proved too much for those two countries, plunging them into
y understandable after such a run of successes. But stand farther back and the triumph of democracy looks rather less inevitable. After the fall of Athens, where it was first developed, the political model had lain dormant until the Enlightenment more than 2,000 years later. In the 18th century only t
agreed that "politicians tell lies all the time". Meanwhile the border between poking fun and launching protest campaigns is fast eroding. In 2010 Iceland's Best Party, promising to be openly corrupt, won enough votes to co-run Reykjavik's city council. And in 2013 a quarter of Italians voted for a pa
ed w/ EU & IMF ——Greece aS E 4/22 — Greek civil servants @ stage a 24-hour strike g 6% —Portugal 4 | 3 - - o 5/5 — Violent protests in 5 Fy 4% Athens against proposed —spain 3S 9 austerity measures 2 2 =] 7) s 2% = Ireland = — @ a > Oe 4 0% i} T T T T T T T T T T T T 4/1 4/4 477 «@4110 4
8 Austria Netherlands 9 Belgium Australia 9 Ireland Germany 10 France Germany 10 Sweden Switzerland 11 Austria Estonia 1 Czech Republic UK 12 Denmark Iceland 12 France Slovenia 13 Iceland Denmark 13 Norway Poland 14 Sweden Slovenia 14 USA ireland 15 Ireland Norway 45 Hungary Belgium 16 Norway . France 16 I
Jun 2016, | BIRMIN 2 | neutral er Voting #Brexit https://t.co/slsTw2Z3Pc 02:37 -CEST | GHAM, UK piedmontia | RT @XxPLWxxX: PLEASE RT!! 23 Jun 2016, | Athens, 168 | positive ni1 Juncker confirms there'll be NO reform if we stay in 02:37 -CEST | TX the EU https://t.co/yqokYbJQGH We absolutely MUST #Brexit #
6, | Worldwi O|; NA s Europe is facing https://t.co/SOpRApnz2c 19:29 -CEST | de https://t.co/yvwwGwSc4b4 _logan @jfcarpio si gana el Brexit Escocia e Irlanda planean 23 Jun 2016, | Lincoln, 0} NA nuevos referendum sobre permanencia en UK, para 19:29-CEST | NE volver a EU jaja ggomezQ RT @infinitafm: Salari
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