Austerity: „There is No Alternative“

More+Comment ♦ Published: June 12, 2012; 16:23 ♦ (Vindobona)

The former director of the Austrian Institute of Advanced Studies appreciates the help for Spanish banks and thinks that a Greek exit is rather unlikely.

Austerity: „There is No Alternative“ / Picture: ©

The Austrian economist Bernhard Felderer appreciates the European help for Spanish banks and argues that Spain would not have been able to bear these bank aids. Otherwise, the Spanish public debt would have risen dramatically. The situation in Spain would have become as serious as in Greece. But the public debt crisis would have reached another size, Felderer says.

The economist…