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Comment, analysis, and other offerings from Tuesday’s FT, Gideon Rachman: America and Europe sinking togetherIn Washington they are arguing about a debt ceiling; in Brussels they are staring into a debt abyss. But the basic problem is the same, says the FT’s Gideon Rachman. Both the US and the European Union have public finances that are out of control and political systems that are too dysfunctional to fix the problem. America and Europe are in the same sinking boat. The debt debates underway in the US and the EU are so inward-looking and overwrought that surprisingly few people are making the connection. Yet the links that make this a generalised crisis of the west should be obvious.Sir Martin Jacomb: Greece has no future within the eurozoneThe Greek parliament has voted, but the crisis goes on. The European Union’s current policy has been driven by the political imperatives of preserving the euro and avoiding another banking crisis – but it will not yield an enduring solution, says Jacomb, chairman of Share plc and former chancellor of the University of Buckingham. The EU’s future depends on enabling its poorest member countries to regain their competitiveness – and this requires a very different approach. Everyone knows that lending more money to someone who is already heavily indebted, and has few realisable assets and woefully inadequate income or earning power, creates problems. Putting the repayment date off for 30 years simply ensures that no one in authority today will be around when the time comes.

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