The euro area has a real-time debt crisis already;
The euro zone has unnecessarily provoked contagion from
Now Prime Minister Papandreou has followed the
Partisan deadlock and the hostage-taking threat of default in late July needlessly blemished the U.S. credit reputation. Most economists agree that in the medium and long term there must be fiscal adjustment, especially through curbing excessive increases otherwise likely in social healthcare spending, but that in the short term fiscal contraction should be avoided until the economy gets back on its feet. Those who insist that fiscal correction cannot involve any tax increases need to explain whether they truly think that with a much higher share of the population over 65 than in the past the spending on elder health and
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