OECD: Europe's Debt Crisis Could Push The World Into Recession

European Debt Crisis A Bigger Global Threat Than US Fiscal Cliff, Says OECD -- The Guardian

Report says 'intensified euro area crisis' could destroy growth in Europe and also wipe out US recovery, causing recession

Europe's debt crisis remains a far bigger threat to the world's economy than the "fiscal cliff", according to the Organisation for Economic Co-operation and Development (OECD).

In its latest twice yearly report the OECD warned the world's major economies could all got back into recession if euro-zone and US policy makers fail to tackle their fiscal crises. The organisation believed an escalation in the ongoing European crisis poses the biggest threat to global economies and could drag Europe into a deep recession in the next two years and the US along with it.

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Update: Global recovery under threat, says OECD -- BBC

My Comment: I concur with this analysis. The U.S. debt can still be managed (if they do not continue spending at the rate that they have for the past decade) .... but for many European countries (Greece, Spain, etc.) .... that is no longer possible. They owe too much money, and many no longer have the political will to pay it off.