The Euro’s PIG-Headed Masters
Europe is in constitutional crisis: no one seems to have the power to impose a sensible resolution of its peripheral countries’ debt crisis. Indeed, it is hard to see how the single currency can survive much longer without a decisive move towards a far stronger fiscal union.
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CAMBRIDGE – Europe is in constitutional crisis. No one seems to have the power to impose a sensible resolution of its peripheral countries’ debt crisis. Instead of restructuring the manifestly unsustainable debt burdens of Portugal, Ireland, and Greece (the PIGs), politicians and policymakers are pushing for ever-larger bailout packages with ever-less realistic austerity conditions. Unfortunately, they are not just “kicking the can down the road,” but pushing a snowball down a mountain.