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Sat Nov 17, 2012, 06:33 AM

New Studies: Austerity Is Crushing, Not Saving, Europe

http://www.commondreams.org/headline/2012/11/16-1


A riot policeman in Greece attacks a protester during an anti-austerity rally in Athens. (Credit: PIAZZA del POPOLO/CC-BY-2.0)

BERLIN - The austerity programmes being rolled out in virtually every member state of the European Union (EU) – particularly in Greece, Portugal, Spain and Italy – have failed to reach their stated objective of consolidating public finances in order to solve sovereign debt crises.

Instead, these programmes – which entail massive public spending cuts in sectors such as education, health and governance – are “leading to collective folly” and even to “a social breakdown” across the continent, according to numerous economic experts.

Far from solving the debt crisis, as promised, the current fiscal consolidation plans will result in higher debt-GDP ratios in the EU in 2013, according to recent research.

Several reports have now confirmed what economists and activists warned months and even years ago: that the economic crisis, triggered by the financial collapse of 2007-2008 and the subsequent state-sponsored bailout of banks and investment funds, has resulted in higher unemployment and poverty rates in every country.

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Reply New Studies: Austerity Is Crushing, Not Saving, Europe (Original post)
xchrom Nov 2012 OP
WinkyDink Nov 2012 #1
LeftishBrit Nov 2012 #3
rucky Nov 2012 #7
LeftishBrit Nov 2012 #2
hobbit709 Nov 2012 #4
JPK Nov 2012 #5
valerief Nov 2012 #6
Ikonoklast Nov 2012 #8
ananda Nov 2012 #9

Response to xchrom (Original post)

Sat Nov 17, 2012, 06:35 AM

1. The mission is being accomplished. Long live oligarchies!

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Response to WinkyDink (Reply #1)

Sat Nov 17, 2012, 07:33 AM

3. Not sure. Parasites are generally better off NOT killing their hosts.

There is a lot of selfishness, greed AND stupidity involved here.

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Response to LeftishBrit (Reply #3)

Sat Nov 17, 2012, 08:55 AM

7. Not killing the host

just creating nice juicy pockets of cheap labor within the Eurozone to feed on.

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Response to xchrom (Original post)

Sat Nov 17, 2012, 07:32 AM

2. k&r

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Response to xchrom (Original post)

Sat Nov 17, 2012, 07:34 AM

4. Cui bono?

Who gets the money? It certainly isn't the workers.
Until every country does what Iceland did, it's not going to change.

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Response to hobbit709 (Reply #4)

Sat Nov 17, 2012, 08:02 AM

5. So on the mark.......NT

.NT....

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Response to xchrom (Original post)

Sat Nov 17, 2012, 08:52 AM

6. And rich people will become richer which is all that matters.

Making rich people richer is the most important thing in the world.

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Response to valerief (Reply #6)

Sat Nov 17, 2012, 08:56 AM

8. Until the rich people end up being the *dead* rich people.

Starving, hopeless masses usually insure that happening, sooner or later.

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Response to xchrom (Original post)

Sat Nov 17, 2012, 09:17 AM

9. History shows that austerity never works for economic recovery.

We certainly learned that during the Great Depression.

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