Europe

Still No Light at the End of the Tunnel

Abstract

Unfortunately, whenever we speak of economics we tirelessly repeat that “there is no free lunch,” reinforcing the idea that few things in this world come for free. . Applied to the case of Europe, this saying means resigning ourselves to the fact that the only path to a solution is for each of the countries in crisis to restore fiscal soundness. The assistance the European Union is providing to each of its member states is no more than a palliative that seeks to prevent the collapse of a financial system saturated with government debt paper, to sustain the euro, and to avert a deeper slide into recession. Continue reading...