Austerity across Europe

In the 30th May edition of the Keiser Report, Max Keiser and his guests contrast Iceland and Greece. The hosts points out that Iceland reneged on debt agreements, but despite that is still on track to grow, it goes without saying that the Icelanders rejected austerity. Greece by contrast… well, I hardly have to say anything, OK I’ll say one thing, 64% youth unemployment. Spain is hardly any better. A newly nationalised bank, ‘Bankia’, saw its share tumble a staggering 99% on issue.

 

So, to put it simply, Spain and Greece – countries that have committed to austerity – have done worse than Iceland, a country committed to a strong welfare state. Is there a connection between austerity and negative growth? Some economists seem to think so.

 

Max Keiser discusses economic issues, but beware, he is quite radical in his statements. His opinions attract interest from many sources, perhaps because they are quite entertaining.

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