Willem Buiter: “We will certainly have a panic stage before the debt crisis is resolved” (part 2)

continuing from part 1 of the Willem Buiter interview with het Financieele Dagblad, here's the translation. It's a very good interview. I will have reactions at a later date.

Population pyramid on its head

"There needs to be a political rethink, not only in Spain but also in the periphery and throughout Europe. But there's a big problem because our population pyramid is upside down.This means that the elderly outvote the young. It is not enough to reduce spending and increase taxes. A vote must be given to the generation that risks ending up on the scrap heap. I am worried -- both as an economist and the father of two children. Don't just look to the central bank and finance ministries. Look at social affairs and economic affairs and the political system. There must be refor...

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