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Greece, Spain 'in depression': Nobel winner Stiglitz
Greece and Spain are in "depression, not recession", Nobel prize-winning economist Joseph Stiglitz said on Wednesday, blaming tough austerity measures for their downward economic spiral. Stiglitz also maintained that the International Monetary Fund was "a little too optimistic" in its forecast last week that the eurozone economy would shrink by 0.4 percent in 2012 and rise by 0.2 percent next year.
Posted by:Fred

#2  It used to be when you used other people's money to finance your life style, it was referred to as embezzlement. When they were caught, their new lifestyle usually was indeed very austere - four walls, a cot, and three meals a day.
Posted by: Procopius2k   2012-10-19 15:33  

#1  The socialists finally ran out of other people's money.

Of course the EU is trying to squeeze more from Germany. When Germany runs out the whole shebang liquifies and oozes into the ground. Maximum entropy.
Posted by: AlanC   2012-10-19 14:30