Sunday, August 2, 2009

Expect 10 Bad Years: Belgium PM

Managing expectations in order to come to grips with reality.....

Expect 10 Bad Years: Belgium PM

Financieel Dagblad (Dutch): Free Google translation

Prime Minister of Belgium Herman Van Rompuy warned his countrymen that they can expect ten difficult years. The government finances, which are already bad, will deteriorate even more because of the aging population.

This is why the expenditure of this and future cabinets must be cut sharply.

Van Rompuy gave the interview last Saturday with the Brussels newspaper Le Soir. A major part of the government deficit will not disappear when this economic crisis is over. "What we thought was cyclical, is in fact permanent."

According to the Prime Minister, whose term runs until 2011, the problems are not insurmountable. He points out that Belgium had worse financial times. 'To give you an idea, in 1981 we had a deficit of 15 percent. Today, this is less than half. "

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