In Portugal, non-financial companies (NFCs) have debt that is 16 times their pre-interest profit. An interest rate of little over 6 per cent would wipe that profit out. In Spain the numbers are 12 times and 8 per cent, respectively. So its entire NFC sectors are junk – a designation that kicks in at a ratio of about 10 times. …
… So because of totally contrived institutions — these dumb pseudo countries that don’t have their own currencies — and a silly belief in numbers, we’re getting this situation where the poor most pony up to bail out the rich.
Nota: Desculpem, mas não tenho tempo para traduzir.