Interesting times we live in. The eurozone is grappling with many issues: but wasn't there a basic point that was missed - a credible budget begins with some basic calculations of what has to be paid first and foremost - interest and debt. If that is not calculated properly and transparently how can any budget be credible? Isn't the basic question is the deficit more or less than 3 per cent of GDP and what does this year's deficit contribute to keeping debt below or getting it back to 60 per cent of GDP?
