Blackstone President Warns Europe Faces More Severe Fiscal Risk Than US

Gray's framing matters because it shifts the fiscal-risk conversation away from the US deficit debate and toward Europe, where he says weak growth and large deficits compound each other. The AI cushion he attributes to the US is the notable asymmetry: it buys time rather than solving the underlying debt trajectory. That distinction is what makes the comparison more than a regional scorecard. Whether that growth boost proves durable, and whether Europe's fiscal position tightens or deteriorates from here, is the open question.