Originally Posted by Merton
It is totally unfair for Belgium to be suffering at this point, after all it is not well known but Belgium dealt with an enormous debt burden during the 90s. At the time it was the highest in Europe by far, I think it counts a lot that they could do it.
It used to be slightly under 140% (debt vs gdp) mid-90s which was a total embarrasment but they worked it down to about 90% which took a huge effort.
One of the problems we encountered in the next decade was a switch of government (the christian democratics made room for a liberal government) and instead of continuing the good work on breaking down the debt even further, they stopped the effort so that the debt got stuck at 90%
With the current crisis, not helped by spineless morons running the country, it's again around 100%.