Re:Yanis Varoufakis' first interview since resigning
by adventured on Monday July 13, 2015 @07:45AM
(#9877477)
What austerity has come to mean, is: 'slow down in spending expansion.' The same austerity talk has been frequent in the US since 2008, where there has been zero actual austerity.
Most Eurozone economies are dependent on growth in government spending to generate GDP growth. With slow government spending expansion, GDP growth in the Eurozone fell to basically zero for seven years. Panic sets in when they can't expand government spending, because everything else is so dependent on it.
Most Eurozone economies are dependent on growth in government spending to generate GDP growth. With slow government spending expansion, GDP growth in the Eurozone fell to basically zero for seven years. Panic sets in when they can't expand government spending, because everything else is so dependent on it.