Posts
Overview and Analysis
2 screen read combined
NYT: "Across Europe, people are complaining that they are unfairly paying the price for the mistakes of their governments while they are growing increasingly resentful of the international banks and the preferential treatment they seem to receive. And they are getting louder."
"In a vicious cycle, the rising political turmoil is sowing unrest in global financial markets, raising the interest rates paid by heavily indebted nations in Europe to ever higher levels and threatening their solvency."
“It’s hard enough to get the electorate to support austerity at the best of times,” said economist Simon Tilford. “They promised endless austerity with no prospects of a return to growth, and there will be mounting opposition to this.”
“The E.U. and I.M.F. are insisting on a course of action that has already failed,” Tilford said. “That is not going work but is going to impose huge economic and social costs.”
