A debt problem? No, this is a problem of high unemployment

di Giacomo Saibene

On 26 June 2011 the Bank for International Settlement, the world’s oldest international financial organization based in Basel, Switzerland, published it 81st Annual Report. Amidst the authorities’ concerns regarding the Greek debt crisis, the prospects of failure to raise the U.S. debt limit on the 2nd of August, and the nomination of a new IMF managing director, the BIS report provides the following major insights, which regard fiscal and monetary policy in particular and can be summarized through the following sentences:

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