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crisis, the austerity plans, the return of the left and the expectations of GEAB

PressEurop.eu publishes article The austerity plan goes wrong whose subtitle is " From Greece to Ireland, the European Commission urges Member States to make painful cuts their spending. But this "cult of austerity", which threatens to push Europe further into recession, is increasingly criticized. "

can not fail to bring the Greek election that sent a socialist government in power, measures that Greece is obliged to take to eliminate their deficits, the sovereign debt many states (see
GEAB 43 believes that France is among the 8 most dangerous sovereign risks that Greece ) reaching dangerous levels, calling the same kind of measures the Greece was forced to take, and the latest
2010 parliamentary elections that saw the landslide victory of the Left March 21, 2010.

Article The austerity plan goes wrong shows the complexity of managing the crisis, reinforced by the fact that it all economies will hurt, not just some which should help:
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The debate is partly economic but also political. Faced with an unprecedented economic crisis since its creation, the EU seeks to define its mission. "The euro faces the greatest challenge in its history," said Angela Merkel in the German lower house of Parliament on Wednesday. "A simple gesture of solidarity will not solve anything. We must address the root problem. Greece has no choice but to reduce spending."

France has adopted a different approach, more Fresh: public spending should increase in times of crisis to spur growth and create jobs. These measures will help to gradually reduce the deficit by increasing tax revenues. Many European countries need to streamline their public sectors, "says Paris, but it is not necessary to go through shock therapy.

Germany defends however strongly the need to make major cuts as well as tax increases and reforms of the pension system. Berlin also wants to postpone the retirement age and return, in accordance with European requirements, deficits of member states closer to the 3% of GDP - nothing to do with the 12.7% of Greece for 2009.

Austerity triggered the Great Depression

According to some, it is this cult of austerity that would have helped trigger the Great Depression. Fitoussi says he could plunge the country into deflation Mediterranean, creating serious social and political tensions and short-circuit the economic recovery of Europe. According to forecasts, the majority of countries Southern Europe will be affected by the recession for another year or two.

If Greece must, obviously, to reform its public sector - and stop manipulating its economic indicators - it is not necessary to sacrifice the whole economy to restore confidence markets, says Fitoussi, near Stiglitz, American economist and adviser to the Greek government. The latter warns against "fetishism budget," explaining that with the continuing recession, the deficit may soon exceed the capacity reducing government spending.
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The LEAP / GEAB tip a long time now numbers in its various consequences of this crisis.