Economy

Hass: EU collapse is a wake-up call to the U.S.

by Jay Heflin - 05/17/10 2:33 PM ET

Hass’s statement comes on the heels of the International Monetary Fund predicting the U.S. national debt will soon reach 100 percent of gross domestic product. By 2015, the IMF suggests the debt level could surpass GDP.

The IMF, along with the European Union, recently stepped in to the financial crisis in Europe and created a bailout fund for countries that can no longer afford their debt. The crisis that began in Greece is expected to spread to other member states and could soon affect EU powerhouses like the U.K.

“So rather than feeling in any way superior to the Europeans, this is our warning shot,” Hass said. “We need to get our fiscal house in order.”

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