Must-Read: Steve Cecchetti and Kermit L. Schoenholtz: The Euro Area’s Debt Hangover: “You wouldn’t know it from the record low level of government bond yields… …but much of Europe lives under a severe debt burden. Nonfinancial corporate debt exceeds 100 percent of GDP in Belgium, Finland, France, Ireland, Luxembourg, Netherlands, Portugal, and Spain. And, gross … Continue reading Must-Read: Steve Cecchetti and Kermit L. Schoenholtz: The Euro Area’s Debt Hangover