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It’s all Greek to me

It’s hard to see how not cutting spending can help the debt crisis.

By Joanne Black In The Black Page

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21st May, 2012
You have to admire the Greeks and the French their optimism that there is a way out of their respective debt crises other than so-called “austerity” measures. Perhaps cutting spending and working harder can be called austerity, although I’d be more inclined to call it real life – where you have to earn or borrow what you spend, and borrowing is ultimately finite because there comes a point at which lenders start worrying whether you can repay their money. In Greece, the lenders were already doing that before the shambolic election, so they must be really nervous now. Exactly what ...

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