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A groundbreaking new report by Research on Money and Finance (RMF), a network of political economists, censures the orthodox analysis which prescribes austerity as the solution to Europe’s crisis.  The Report provides rigorous, original analysis of the debt profiles of Spain, Portugal and Greece. It finds that austerity will worsen income distribution, further shift the balance of power against labour, and fail to solve the Eurozone’s underlying structural problems.  

While default is increasingly likely, it should be clear that creditor-led restructuring, while generating profits for the banks involved, will not significantly reduce the debt burden. Debtor-led default with the prospect of exit from the Eurozone is assessed from the point of view of its ability to restore competitiveness and alter the balance of social forces in favour of labour in the countries of Europe’s periphery as well as its core.

Eurozone Between Austerity and Default:
Jeff Powell
School of Oriental and African Studies (SOAS)
University of London
+44 (0)7817184435

Posted here by Glenn Rikowski

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