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Monday, September 5, 2011

Wolfgang Schäuble - Why austerity is the only cure for the eurozone

Wolfgang Schäuble - Why austerity is the only cure for the eurozone
 
Whatever role the markets may have played in catalysing the sovereign debt crisis in the eurozone, it is an undisputable fact that excessive state spending has led to unsustainable levels of debt and deficits that now threaten our economic welfare. Piling on more debt now will stunt rather than stimulate growth in the long run. Governments in and beyond the eurozone need not just to commit to fiscal consolidation and improved competitiveness – they need to start delivering on these now.
http://link.ft.com/r/KC2844/08CG24/TP3TEW/GDXX8R/R3UY7N/N9/h?a1=2011&a2=9&a3=5
 

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