Top EU brass slowly coming together to sound out retreat from austerity
EC president Jose Manuel Barroso has claimed that;
The retreat is disguised , but cannot be concealed
He also says that while austerity is fundamentally right, it has reached it’s limit.
EU economic commissioner, Olli Rehn also weighed in saying;
A period of reduced spending and borrowing was necessary to calm markets concerned about out-of-control debt levels, particularly in peripheral European countries. That time has passed.
Interesting reading from the BBC in full here
The public continues to lampoon the crippling bond market yields in bailed out countries.
The snowball is on the slopes and starting to roll. Countries like Spain and Greece who have, and are still, being crippled by austerity have been shouting against it from the rooftops since day one.
Expect more heads to pop up above the parapet as the days and weeks roll on. Should the eurozone really start to tackle low growth seriously we could see renewed favouritism for the euro. That would mean that any rate cut falls in the currency could be short lived.
