Europe takes a battering for Brussels' stability and growth delusions

For Southern Europe to climb out of its Great Depression, Brussels needs to admit defeat and finally abandon its foolish policy of trying to eliminate government deficits at any cost.

The European Stability and Growth Pact is based on the principle that stability and growth are enhanced when government deficits are either minimised or eliminated. I want you to dispassionately consider an argument that reaches a different conclusion. It may sound like something you have heard before from others and already dismissed. But bear with me.

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