Saturday, October 22, 2011

Austerity Has Failed

Robert Peston :
"The situation in Greece has taken a turn for the worse, with the economy increasingly adjusting through recession and related wage-price channels, rather than through structural reform-driven increases in productivity". 
Or to put it another way, Greece's austerity programme is succeeding in impoverishing Greek people with little in the way of discernible benefits to the Greek private sector and the capacity of Greece to start earning its way in the world. 
The protesting mob in Athens would probably not dissent from that view.
You think this might be a wake-up call to the ConDem coalition?

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