Why the EU is temporarily dropping the 3% hurdle

It looks like the EU has finally figured out that austerity is anti-growth and that in the EU context this is leading to debt deflation. The word on the street is that the EU is prepared to temporarily relax the 3% Maastricht hurdle. This article explains why.

Before I get into why let me enumerate the country problems.

Greece: in a deep depression after receiving a bondholder haircut and default. Fears of a second haircut and default are already circulating. meanwhile bank deposits ar...


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