Raj Shant, portfolio manager of the Newton European Higher Income fund, reacts to the European Central Bank's latest approach to help the struggling eurozone.
The western world has lived beyond its means for decades and we have witnessed activities the likes of which the human race has never seen before: we have built up expensive welfare and entitlements systems and we have had a 30 year debt super cycle where the debt in the economy grew steadily. Since 2008 we have seen the precariousness of our financial system, our government finances and the illusory nature of standards of living financed by ever greater borrowing. Yet, in an effort to stave off the full impact of concerted deleveraging, governments have taken on more debt to offset hous...
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