The municipal meltdown in double-dip Europe is a clear warning sign

I think it goes without saying that the problems for Spanish and Italian regional governments are due to the austerity-induced double dip recession those economies are suffering. The real insight here is that this municipal - double dip nexus is transferable beyond Spain and Italy because key municipal and state revenue sources fall dramatically in these cases.

For example, many Spanish regional governments have really gone to town on budget-cutting already. But revenue is in freefall as regi...


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