Austerity is still the prevailing paradigm right across Europe

Today’s commentary
Summary: Despite Europe’s continual moving of the goalposts to give countries more breathing room, the economic paradigm in Europe is still the same: austerity. This will dampen growth in Europe for the foreseeable future and increase government debt to GDP ratios, making debt deflation and crisis a background threat which will eventually result in sovereign restructurings regardless of recovery. I expect Greece to be on the table in 2014.
A lot of hay has been made about th...

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