Friday, May 18, 2012

In Europe, time for true austerity

Half-hearted reforms won't work. European countries need to get serious about spending cuts.

Talks to form a coalition government in Greece collapsed again this week as a result of the country's belt-tightening backlash. The country now faces an unpleasant dilemma: agreed-upon austerity measures in exchange for bailout funds, or a messy default and exit from the Eurozone. Greece's deteriorating situation raises many questions about whether austerity is the right path for other struggling European nations trying to avoid this same fate.


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