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Economy
In reply to the discussion: STOCK MARKET WATCH - Tuesday, 17 January 2012 [View all]xchrom
(108,903 posts)42. Austerity ’Wrong’ Way to Fight EU Crisis: Stiglitz
http://www.bloomberg.com/news/2012-01-17/austerity-wrong-way-to-fight-eu-crisis-stiglitz.html
The European push for fiscal austerity isnt the way to fight the regions sovereign-debt crisis and may hurt confidence, Nobel Prize-winning economist Joseph Stiglitz said.
Austerity as the solution is just wrong, Stiglitz, a Columbia University economics professor, said in a Bloomberg Television interview in Hong Kong today. There wont be a return to confidence -- quite the contrary. So the direction Europe is going is unfortunately I think the wrong direction.
European leaders have said they may complete a new rulebook for fiscal discipline by Jan. 30 as they try to contain a crisis thats already forced Greece, Ireland and Portugal into bailouts. Standard & Poors stripped the European Financial Stability Facility, the regions rescue fund, of its top credit rating yesterday after earlier downgrading France and Austria.
There could be a very serious downturn in Europe, which needs to bolster growth, Stiglitz said. The regions leaders dont seem to get what needs to be done, he said.
The European push for fiscal austerity isnt the way to fight the regions sovereign-debt crisis and may hurt confidence, Nobel Prize-winning economist Joseph Stiglitz said.
Austerity as the solution is just wrong, Stiglitz, a Columbia University economics professor, said in a Bloomberg Television interview in Hong Kong today. There wont be a return to confidence -- quite the contrary. So the direction Europe is going is unfortunately I think the wrong direction.
European leaders have said they may complete a new rulebook for fiscal discipline by Jan. 30 as they try to contain a crisis thats already forced Greece, Ireland and Portugal into bailouts. Standard & Poors stripped the European Financial Stability Facility, the regions rescue fund, of its top credit rating yesterday after earlier downgrading France and Austria.
There could be a very serious downturn in Europe, which needs to bolster growth, Stiglitz said. The regions leaders dont seem to get what needs to be done, he said.
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