European Bloc Balks Over “Austerity”
If my bet is right, the EU is headed into chaos. There’ll be no easy reconciliation between the needs of the consumers/debtors with the values of the producers/creditors. In the end, the consumers/debtors will have to either go back to work or starve.
“European leaders arrived in Milan for a summit meeting . . . despite gloomy financial news this week of stock markets tumbling and borrowing costs shooting up . . . .
“In past years, the eurozone nations buckled under to German demands to slash budget deficits and roll back public services, and then watched in dismay as unemployment rates shot into the double digits and growth collapsed. Now, France, Italy and the European Central Bank (ECB) have coalesced into a bloc against Germany, and they are insisting that Berlin change course.
“The divisions between Europe’s leaders, at a moment when unity would seem critical, is one reason the markets are rattled—as well as the fact that…
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