Wednesday, August 3, 2011

Former Comptroller General: “Sudden And Very Painful” Economic Collapse Is Coming

"US is just three years away from becoming Greece"

August 3, 2011
By Steve Watson

Former head of the Government Accountability Office and Comptroller General of the United States, David Walker has issued a stark warning following the compromise deal to raise the debt ceiling.

“We are less than three years away from where Greece had its debt crisis as to where they were from debt to GDP,” Walker highlighted in an interview with CNBC earlier today.

Greece’s ratio of debt to GDP has surpassed 100% and is heading towards 150%, a factor that has meant without bailouts from the EU and the IMF, the country would have defaulted.

The US is now nearing the same 100% margin with GDP growth floundering below 1%. Read More