Overdose de souffrances pour l’Espagne

Infographie : François Descheemaekere

An Overdose of Pain

[The New York Times]

Spain could be the next European economy brought down by German-led mismanagement of the euro-zone crisis. It need not turn out that way. But it surely will unless Chancellor Angela Merkel and her political allies inside and outside Germany acknowledge that no country can pay off its debts by suffocating economic growth. Austerity, the one-size-fits-all cure prescribed by Ms. Merkel, is not working anywhere. After weeks of misleading calm, and despite huge injections of liquidity by the European Central Bank, countries are slipping back into recession, unemployment is climbing and deficit forecasts are worsening.
Bond markets are especially jittery about Spain and Italy, two of Europe’s largest economies.
Lire : nytimes.com