Euro Crisis Inspires Fresh Worries Of Threats To Global Economy
Posted: 04/18/2012 3:13 pm
Europe's economy is like a patient stuck in a hospital run by quack doctors who see sickness as a form of moral failing, and leeches as the preferable cure. The only hope now is that Europe either manages a miraculous recovery or develops a case of something so inarguably lethal that real doctors come running with effective medicine.
Will Europe and its beleaguered currency, the euro, get out of this crisis in one piece? That question is commanding renewed attention as financial markets demand higher rates of interest on loans to the debt-saturated nations at the center of concern, Spain and Italy, thus elevating the prospect that their governments might eventually default. Maybe the euro will endure, and maybe it won't. In any event, Europe seems irretrievably bound for years of retrenchment, diminished living standards and social strife.
"We're going into a long period of stagnation in Europe, with terrible problems that will emerge as a result," declared the former Austrian chancellor Alfred Gusenbauer, speaking Tuesday at Brown University during a conference on the future of the euro, a proceeding that felt much like an autopsy on a body that never should have been born.
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