You cannot spend your way out of recession or borrow your way out of debt.

You cannot spend your way out of a recession or borrow your way out of debt... You know and we know and you know that we know that it's nonsense... The European Commission has said so. The markets say so, ... In a few months, the voters will have their chance to say so, too. They can see what the markets have seen: that you are the devalued Prime Minister of a devalued Government"

You cannot carry on forever squeezing the productive bit of the economy in order to fund an unprecedented engorgement of the unproductive bit.

The truth, Prime Minister, is that you have run out of our money. The country as a whole is now in negative equity. Every British child is born owing around 20,000 pounds. Servicing the interest on that debt is going to cost more than educating the child.

On any measure, Spain's bank rescue has been a disaster. A hundred million euros have been added to the national debt, ten-year bonds are at a record high and the country's credit rating has been downgraded three notches.

When you're in a turnaround situation, you cannot incrementalize your way out of it.