In 2014 there were six eurozone countries whose debt-to-GDP ratio went over the 100% threshold. Two additional countries will pass that barrier in 2015.



The Maastricht Treaty on which the euro was founded was designed to keep "sound fiscal policies", with debt limited to 60% of GDP (not 100%), and annual deficits no greater than 3% of GDP."



Every country in the eurozone, including Germany, has been in violation of those rules. Let's take a look at the biggest violators as reported by El Economista. Data is from second quarter of 2014 (undoubtedly worse now).



100% Debt-to-GDP List





Italy 133% Portugal 129.4% Ireland 116.7% Cyprus 112.2% Belgium 105.1% Greece 174.9% Spain 100.3% (2015 estimate) France 100% (2015 estimate)

In regards to France,That certainly seems like a very safe prediction.And as debts soar off into the wild blue yonder, the need to keep interest rates at 0% to perpetually mask the problem increases.I offer this musical tribute to celebrate the Keynesian policies that perpetuate wild blue yonder government spending and absurd central bank policies.Mike "Mish" Shedlockhttp://globaleconomicanalysis.blogspot.com