The article's title tells me that the author doesn't understand what's going on. "Why austerity is destroying Europe." How about the reality of the situation -- overspending and borrowing have destroyed europe.
Iceland seems to have fixed the problem the correct way: default.
Greece just did the equivalent of a credit card balance transfer while converting the loan to a secured transaction. In the name of "saving" the banks of Europe, Greece has been financially raped. Spain is next.
Oh, and Japan and the United States aren't too far behind.
Iceland seems to have fixed the problem the correct way: default.
Greece just did the equivalent of a credit card balance transfer while converting the loan to a secured transaction. In the name of "saving" the banks of Europe, Greece has been financially raped. Spain is next.
Oh, and Japan and the United States aren't too far behind.