Paul Krugman: Europe's Austerity Measures May Guarantee Recession
Thursday 22 December 2011
European leaders earlier this month announced a plan that, on the face of it, was pure nonsense.
Faced with a crisis that is mainly about the balance of payments,with
fiscal crisis as a secondary consequence, they supposedly committed
everyone to severe fiscal austerity, which would guarantee a recession
while leaving the real problem unaddressed.
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