UK economist and anti-austerity campaigner Michael Burke rejected Bank of England CEO Mark Carney’s claim that Britain had escaped its debt trap. The former Citibank economist said Britons remain deep in debt, and that people are borrowing more than ever.
“Mark Carney is delusional if he thinks Britain and the US have found a way out of the debt trap,”
“They have transferred debt, from companies to households. Household debt in both countries is among the highest in the world.”
‘Struggling Eurozone states need debt forgiveness’
Speaking in Dublin, Carney sharply criticized austerity policies common to the Eurozone states, warning the single-currency area was constrained by strangulating levels of debt that could plunge it into years of stagnation.
Carney argued the Eurozone needs to soften its budgetary policies and follow a swift path toward fiscal integration. He said a fiscal union would aid in the transfer of resources from wealthy to poorer nations.
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