A new austerity drive has been sweeping across Europe, as governments struggle to trim huge budget deficits and the 16-nation eurozone races to reassure sceptical markets. EU finance ministers have agreed rules that will automatically punish member states which break budgetary rules.(Source:BBC News)
By austerity programs the Europeans mean cutting government spending. Cutting what the countries cannot afford because of low productivity. That's fine. But I do not read anywhere that the politicians cut their benefits (to give an example to show that they are also making a sacrifice for the good of the nation) or that they are liberalizing the markets to improve the opportunity for people to find a job. It remains a close club with the people at the bottom of the scale paying the price.
George Dagnino, PhD
Editor, The Peter Dag Portfolio. Since 1977
Ranked second best gold timer by Timer Digest
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