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Europe's Political Nightmare

Europe's Political Nightmare By Jordan Stancil Eup E’s plitiocal NightmarE Why the Christian and Social Democratic Parties Have Surrendered to the Bond Market As Europe’s debt crisis deepened throughout 2011, it became clear that the Old World had become the bastion of the most hidebound financial orthodoxy, willing to force millions of its citizens to suffer years of reduced living standards in the name of debt repayment. In order to please financial markets, international public lenders engineered a deep recession in Greece a s other countries enacted contractionary budget Both the choice of austerity and the lack of cuts. The rush to austerity—as well as th efe fective resistance to it had roots in the political stubborn persistence in it, even as growth and intellectual universe of pre-recession Europe. slowed to a crawl in 2011—presented a puz-The issue was not how Europe responded to the zle for Americans who had believed Europe’s recession and financial crisis, but why it lacked the political spectrum to be several notches t mo eans to respond in any other way. There were the left of their own. Now it seemed Europe four main factors. First, a new type of conservative was insisting on the suffering of http://www.deepdyve.com/assets/images/DeepDyve-Logo-lg.png New Labor Forum SAGE

Europe's Political Nightmare

New Labor Forum , Volume 21 (1): 6 – Feb 1, 2012

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References (5)

Publisher
SAGE
Copyright
© 2012 Joseph S. Murphy Institute, CUNY
ISSN
1095-7960
eISSN
1557-2978
DOI
10.4179/NLF.211.0000007
Publisher site
See Article on Publisher Site

Abstract

By Jordan Stancil Eup E’s plitiocal NightmarE Why the Christian and Social Democratic Parties Have Surrendered to the Bond Market As Europe’s debt crisis deepened throughout 2011, it became clear that the Old World had become the bastion of the most hidebound financial orthodoxy, willing to force millions of its citizens to suffer years of reduced living standards in the name of debt repayment. In order to please financial markets, international public lenders engineered a deep recession in Greece a s other countries enacted contractionary budget Both the choice of austerity and the lack of cuts. The rush to austerity—as well as th efe fective resistance to it had roots in the political stubborn persistence in it, even as growth and intellectual universe of pre-recession Europe. slowed to a crawl in 2011—presented a puz-The issue was not how Europe responded to the zle for Americans who had believed Europe’s recession and financial crisis, but why it lacked the political spectrum to be several notches t mo eans to respond in any other way. There were the left of their own. Now it seemed Europe four main factors. First, a new type of conservative was insisting on the suffering of

Journal

New Labor ForumSAGE

Published: Feb 1, 2012

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