How Austerity Economics Is Fraying Europe's Social Contract
It's a new kind of barbarism, one that sacks countries with fine print.
By Conn HallinanOn one level, the recent financial agreement between the European Union and Greece makes no sense: Not a single major economist thinks the $96 billion loan will allow Athens to repay its debts, or get the economy moving anywhere but downwards. It’s what former Greek Finance Minister Yanis Varoufakis called a “suicide pact,” designed to humiliate the left-wing Syriza government.
Why construct a pact that everyone knows will fail?
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