2012-12-27 — telegraph.co.uk
The West was not going to find its way to the right economic path with a little tweaking at the edges, the CEO said. What is needed is a wholesale overhaul of the economic system to tackle record levels of public and private debt. Was anyone brave enough to do it, he wondered aloud.
many chief executives might understand the problem but not see it as immediately relevant to them. Profit margins across Europe have returned to the levels of 2005. Money is cheap due to the printing presses of the central banks and ultra-low interest rates. Short-term, things look OK -- there has been little real pain despite the efforts of some to portray every necessary efficiency move as a "cut" of calamitous proportions.
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