Euro crisis: Paradigm Lost

The BBC’s Europe editor, Gavin Hewitt, has been examining “an in-depth analysis of the crisis in the eurozone” by the Carnegie Endowment for International Peace – “Paradigm Lost – the Euro in Crisis”. From Gavin Hewitt’s blog So what’s to be done? According to the economists in the Carnegie report, the PIIGS will have to reduce their debts, which most are attempting to do with austerity packages. The debt-to-GDP ratio needs to be on a firm, downward path and to be …

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