As government debt approaches the €3000 billion mark (€2950 billion to date), its sustainability has become a mainstream topic that is discussed at breakfast. Invited last Thursday of the "Great interview" of France Inter, Pierre Moscovici was asked this deliberately naive question by Nicolas Demorand, the host of the morning: "What does it mean, 3000 billion? Is it that bad, more than 2000 or 1500 billion?" And the first president of the Court of Auditors (his exact title) to give this obvious answer: "It is a truism, 3000 billion, it is twice as serious as 1500 billion!
»This seems to strike at the corner of common sense, except that the reasoning is wrong. The severity of debt is not a linear phenomenon, strictly proportional to its level. It would rather be an exponential, a runaway that is difficult to control. A country is not judged - by its creditors means...
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