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Crisis over in the eurozone? Not in the real world

Traynor, I., (2013), “Crisis over in the eurozone? Not in the real world”, The Guardian, 09 October.

According to the detailed study being released on Thursday by the International Federation of Red Cross and Red Crescent Societies: “The long-term consequences of this crisis have yet to surface. The problems caused will be felt for decades … The economic crisis is creating the conditions for a widespread social crisis, whereby a growing gap in the distribution of resources (the rich becoming richer and the poor becoming poorer) and the competition for shrinking resources could bring about growing xenophobia, discrimination, social exclusion, as well as abuse and domestic problems.”

The narrative of the crisis has been one of state bankruptcy and bailouts, of bond yields and spreads, of borrowing costs and debt sustainability, of faceless men in suits from the “troika” of international technocrats taking over the accounts, budgets and policies of elected governments and administering the austerity medicine.

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