Austerity Reigns in Europe as Crisis Deepens

Nelson Schwartz, NYT
Europe’s leaders braced their nations for a turbulent year, with their beleaguered economies facing a threat on two fronts: widening deficits that force more borrowing but increasing austerity measures that put growth further out of reach.Saying that Europe was facing its “harshest test in decades,” Chancellor Angela Merkel of Germany warned on New Year’s Eve that “next year will no doubt be more difficult than 2011” — a marked change in tone from a year ago, when she praised Germans for “mastering the crisis as...

Source: http://www.realclearpolitics.com/2012/01/02/austerity_reigns_in_europe_as_crisis_deepens_270324.html

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