This is a powerful article from Ambrose Evens-Pritchard, in his Telegraph blog. It’s STRONGLY RECOMMENDED READING, in my view. Check it out!
Regular readers of this blog will know that I have been highly critical of the excessive austerity medicine prescribed to Southern Europe; this blog has argued in favour of massive investment, a traditional Keynesian remedy to stimulate demand – a type of Marshall Plan. Sadly, the austerians is Berlin and Brussels still prevail but as Ambrose Evens-Pritchard concluded their policies are not sustainable.