In case you missed it, this article in Spiegel is well worth a read. Check it out!
via The Anti-Austerity Camp Is Growing as Merkel Becomes More Isolated – SPIEGEL ONLINE.
Much as I agree that austerity in Europe has been excessive, I fear that Frances’s President Hollande is probably not the best champion.
But the coalition against austerity is growing:
- European Commission (EC)
- Most mainstream economists, led Nobel Prize winners, Paul Krugman & Joseph Stiglitz
Once upon a time, Angela Merkel called upon the troika of the IMF, ECB and the EC to her defense of austerity.
It is encouraging that the austerity camp is crumbling. But there is still Angela Merkel and her sponsors.
Let me turn this to several open question:
Are we likely to see an orderly climb-down on austerity from Germany, perhaps with strings attached?
What will be the implications for the economies of Southern Europe, like Greece, Cyprus, Spain, Portugal, Italy and France?
Are we likely to see serious infrastructure investment in Southern Europe?
What about jobs for the lost-generation of millennials in Southern Europe?