by Mike ‘Mish’ Shedlock
For those still wondering why the global economy is struggling, the simple answer is “It’s the debt, stupid.”
We will return to the global economy in a moment, but first consider the plight of Greece.
A detailed study shows that of €215.9 billion in Greek aid, only €9.7 billion went to Greece. The rest went to banks and other creditors.
Greece still has to pay back the rest, and is struggling to do so.