International Economies

Look at the relationships between international economies and look at the relationships between the size of the current US deficit and compare it to Europe.
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o During the last few years, countries like Portugal, Ireland, Italy, Greece, and Spain (PIIGS) have been in the news, why is that (from an economic perspective)?
o What happens when deficits accumulate for too long?
o Are interest rates controlled by supply and demand?
o What happens when there are too many bonds?
o And what does all of this have to do with real estate markets?