Alternatives to Austerity Progressive Growth Strategies for Europe
نویسندگان
چکیده
Before the crisis there were different growth models in Europe: property bubbles in Spain and Ireland, state spending in Greece, hypertrophied financial sectors in the United Kingdom and Cyprus. All of these were based on growing, mostly private debt. They caused large current account deficits, and imploded in the financial crisis. State-led bank rescues to stabilise the financial sector massively increased state debt.
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