Austerity reigns in Europe as crisis deepens

[marmar]

Austerity reigns in Europe as crisis deepens
By NELSON D. SCHWARTZ, The New York Times

Published: Monday, January 2, 2012 at 11:07 a.m.
Last Modified: Monday, January 2, 2012 at 11:07 a.m.


Europe’s leaders are bracing their nations for a turbulent year, with their beleaguered economies facing a threat on two fronts: widening deficits that force more borrowing but increasing austerity measures that put growth further out of reach.

French President Nicolas Sarkozy will meet Jan. 9 with German Chancellor Angela Merkel to discuss a new fiscal treaty intended to impose stringent budget requirements on European Union nations.

Saying that Europe was facing its “harshest test in decades,” Chancellor Angela Merkel of Germany warned on New Year’s Eve that “next year will no doubt be more difficult than 2011” — a marked change in tone from a year ago, when she praised Germans for “mastering the crisis as no other nation.”

Her blunt message was echoed in Italy, France and Greece, the epicenter of the debt crisis, where Prime Minister Lucas Papademos asked for resolve in seeing reforms through, “so that the sacrifices we have made up to now won’t be in vain.” .............(more)

The complete piece is at: http://www.heraldtribune.com/article/20120102/ARTICLE/120109955

[msongs]

1. corporations rake it in, with romney-like bain capital & gouging running amok nt