• Given that public sector costs and prices tend to spiral upwards, we are going to be hearing a lot more about "efficiency" - how to make the money go much further.

    BBC: Analysis: Combination of cuts could be explosive

  • If economic growth does not return, deficit reduction proves too painful or interest rates are much higher than we assume, the debt ratio is likely to spiral upwards until default becomes all but inevitable.

    ECONOMIST: Bailing out Greece

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