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Thursday, March 21, 2013

Why the Euro Debt Crisis Never Ended

Italy’s Political Mess: Why the Euro Debt Crisis Never Ended | TIME.com: " . . . Even though markets may have been sedated – pacified by central bank largesse or promises of largesse — the crisis in the real world has entered a different stage. Perhaps the threat to the survival of the euro has receded (at least temporarily), but now Europe is faced with the daunting task of repairing a fundamentally broken regional economy. How countries like Spain and Greece begin to create jobs again and restart healthy growth is far from clear. Some of the weaker euro zone economies – Spain, Greece, Portugal – are already halfway through a lost decade. Even those economies that are supposed to be stronger – Germany, the Netherlands – are struggling. What I’m afraid of is a Japan-like scenario in Europe, where a financial crisis is not handled forcefully up front, and that stifles growth for years after the worst market turmoil is over. The reasons Europe is in this mess are the same ones the gloom-and-doom types have been pointing out all along. Europe has no region-wide strategy to spur growth; the banks haven’t been fixed; progress towards integration remains mired in mud; the austerity-obsessed approach to reform is counterproductive. And so on. The political uncertainty in Italy is just the latest manifestation of these problems, and the latest signal of how unresolved the problems are. It won’t be the last." Read more: http://business.time.com/2013/02/26/italys-political-mess-why-the-euro-debt-crisis-never-ended/#ixzz2NI8XHbNe

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