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When Austerity Fails
Keywords:
Krugman on the ECB President Trichet's support for austerity programs in European countries facing debt crises, and the loan programs for Ireland, Portugal and Greece that require large cuts in spending. The austerity programs lead to lower growth in these countries, further reducing their ability to repay these loans. The reluctance of the German government and other European leaders to consider debt restructuring even though it appears Greece is unlikely to be ever able to repay the loans extended, shows that EU has not grasped the reality of the situation. ECB officials warned against any restructuring effort in late May 2011, saying that if a restructuring were to take place the ECB would not accept the Greek bonds as collateral for ECB loans. This leaves many to question the ECB's thinking. And to question the German government's resistance to provide aid for troubled European economies even though the current rescue programs were made to protect German banks from losses in loans made to these countries.
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