Paul Krugman: In Europe, a Lesson in Contrasts

Tuesday 07 September 2010

by: Paul Krugman, Krugman & Co.

It is strangely comforting to see that the United States is not alone as it struggles in its morass of failed fiscal policy.

P. O'Neill, a regular contributor to the online magazine A Fistful of Euros, has published some good observations on the mess that followed Ireland's 2009 plunge into harsh austerity. He writes that the debt crisis has led to Irish banks, "owning businesses they never expected to, so that they are now operating hotels that they have taken over and selling repossessed farm equipment.