Austerity dogma goes down the debt hole

Fresh data showing the depth of Europe’s debt casts doubt on the wisdom of austerity during weak growth, and provides a reality check for Australia’s own budget debate.

The release overnight from Eurostat of updated budget deficit and government debt numbers for individual countries in Europe highlights the extent of the problems that most European countries are confronting as they strive for a decent rate of economic growth, yet at the same time work to move their fiscal position to a more sustainable level.

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