Note: I missed a few articles here, so I may be updating this post with them later today. Or I may put them in the next daily links post
As I said last year about the Troika's coming occupation of the periphery, none of these countries is going to make their targets. Austerity cuts are too much for this to work. Europe has underestimated how much austerity cuts private demand and tax receipts and so the deficit goals have been too optimistic.
The one bright spot here has been Ireland. There is a real possibility that Ireland could exit the Troika program as an example of success that proponents of austerity can point to. They will say, here's Ireland, they did it; why can't you do it too? But of course, the reason Spain, Portugal and Greece can't do it is that they waited too long. Irela...
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Edward Harrison is the founder of Credit Writedowns and a former career diplomat, investment banker and technology executive with over twenty five years of business experience. He has also been a regular economic and financial commentator in print and on television for the past decade. He speaks six languages and reads another five, skills he uses to provide a more global perspective. Edward holds an MBA in Finance from Columbia University and a BA in Economics from Dartmouth College.