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Interesting article on Yahoo basically says PIIGS need to do the opposite...

  • 25-11-2010 7:28pm
    #1
    hatrickpatrick
    Registered Users, Registered Users 2 Posts: 17,797 ✭✭✭✭


    ...of what they are doing or are about to do.

    http://finance.yahoo.com/news/Americans-Be-Thankful-This-dg-968575271.html?x=0

    It's pretty much restating what's been said already - that austerity at a time like this kills economic growth - but with a lot more insight and detail IMO.

    Only problem is that they don't really give an alternative option since these countries including us can no longer borrow from the bond markets, except to leave the single currency and devalue our own currency.

    What does everyone make of the article?

    SHOULD we leave the Euro? Would it solve more problems than it causes?
    My own feeling is that leaving the Euro would remove Europe's need to help us out and ensure we don't get too screwed, which could leave us a bit like Iceland, with no one to look to for support when we need it. On the other hand, nothing we've done up until now has worked and the idea that a 4 year plan containing more of the same will for some reason work seems like lunacy - if it didn't work once or twice, why would it work a third or fourth time?


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