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Has Austerity Failed in Europe?

Gros, D., (2013), “Has Austerity Failed in Europe?”,, 14 Αυγούστου.

Although many European governments have announced expenditure cuts and tax hikes, their debt/GDP ratios continue to deteriorate. So, if the purpose of austerity was to reduce debt levels, its critics are right: fiscal belt-tightening has failed. But the goal of austerity was not just to stabilize debt ratios.