In case you missed it, this article in Spiegel is well worth a read. Check it out!
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?