Is austerity working - the European perspective

Ann Cahill, Irish Examiner, 08.08.2013

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The entire eurozone was having one long, giant party all the way from the turn of the millennium until 2008. It had to end in tears — and that is how we have the longest recession in modern history — or so the story goes. […]

Even if the euro survives and Greece remains a member putting in place the much needed reforms such as collecting taxes, the scars will be long term. There is a lot of despair with the best educated leaving but the cost is not just in jobs — it is also to the fabric of democracy with a fascist right wing group attracting support.

“They are showing their face and what is behind their face, but still people vote for them, and they have put down strong roots in parts of Athens — this will not change even if the economy changes,” warns Janis Emmanouilidis, senior analyst at the European Policy Centre in Brussels. […]

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