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"Wage Cuts in Southern Europe Inevitable"
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Published: July 21, 2012; 15:22 ♦ (Vindobona)
Christian Keuschnigg, director of the Austrian Institute of Advanced Studies thinks that a fiscal union will not work. The recession in Southern Europe will go on.
"Wage Cuts in Southern Europe Inevitable" / Picture: © Vindobona.org
For Keuschnigg, the major problem is the „enormous indebtedness of the private sector and the public finance“. In future, private households will need more equity in order to take a loan for properties, the economist says in an interview with the Austrian newspaper "Presse". Otherwise, the next recession will cause a big insolvency surge, Keuschnigg considers. „And of course, the…
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