The Economist (June 30)
2011/ 07/ 01 by jd in Global News
Markets breathed a sigh of relief when Greece passed recent austerity measures, but the “new plan to cut Greece’s debt looks doomed to fail.” The plan is both too draconian and too light on real reform. “It does too little to prevent the epic folly of Greece’s railways and other ruinous schemes. It will screw down too hard on ordinary Greeks, with new taxes, spending cuts and a rushed privatisation scheme. And it will almost certainly condemn Greece to recession, strife and an eventual debt default.”
