![]() ![]() As Europe tips over into a second recession, with anaemic growth of just 0.2 percent in the EU in the second quarter revealed on Tuesday, it is manifest that austerity has not worked, so the response, naturally, is: ‘More austerity!’ (Cue Temple-of-Doom-style pounding drums in the distance) Speaking of the Temple of Doom, (just to further attenuate an already stretched metaphor), guess who gets to play villainous high priest Mola Ram in this drama, thrusting his fist into the chests of chained-up victims/welfare-states and ripping out live beating hearts? Similarly, atop multiple austerity packages in France and Spain, last week, French President Nicolas Sarkozy ordered his ministers to come up with yet another round of cuts, giving them a schedule of just one week to cobble something together, while Spanish premier Jose Luis Rodriguez Zapatero is planning a new austerity budget saving an additional €20 billion. In July, Rome passed a €48 billion austerity bill. ![]() The package of spending cuts, privatisations, tax hikes and labour market deregulation is the second one in as many months. Like the pre-rationalist conduct of our grass-skirt-wearing stereotypes, Berlusconi pays no heed to results. In a crisis cabinet meeting on Friday night, the Italian government agreed to a €45.5 billion package of fresh austerity measures over the next two years in an attempt to soothe the market gods. ![]()
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