Causes of the European debt crisis historian Robert Skidelsky added that it was indeed excessive lending by banks, not deficit spending that created this crisis. Government's mounting debts are a response to the economic downturn as spending rises and tax revenues fall, not its cause. Either way, high debt levels alone may not explain the crisis. According to The Economist Intelligence Unit, the position of the euro area looked "no worse and in some respects, rather better than that of the US or the UK." The budget deficit for the euro area as a whole (see graph) is much lower and the euro area's government debt/GDP
Notional Park in Arcadia, California by four lengths under jockey Corey Nakatani. Sent to the Fair Grounds Race Course in New Orleans, Louisiana in February, Notional scored a 2 length win in the Risen Star Stakes under jockey Robby Albarado in a race where favorite Circular Quay was seriously impeded as a result of a race accident. Notional came in a close second to Scat Daddy in the Florida Derby in his last prep before the Kentucky Derby. While he was set to run the Triple Crown races, Notional suffered a fracture of his front cannon bone during a workout at