Europe and US will survive debt crisis

The US and Europe are both caught up in a severe debt crisis, but the problems are solvable, writes the left-liberal daily Süddeutsche Zeitung: "Never in times of peace have the industrialised states as a whole been in so much debt as they are today. ... Yet Europe's debt problems and those of the US are of a different nature. The crisis on Europe's periphery, which may now spread to Italy, is acute and must be resolved immediately. There is still the danger of a global panic emanating from Greece. However if it manages to overcome this acute crisis things won't look too bad for Europe. ... The US, on the other hand, still has time. Today there are many people predicting the inevitable bankruptcy of the US, Germany and other countries. Such prognoses are nonsense. The debt problems are solvable if the politicians are willing to solve them."

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