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Running a government surplus and reducing debt (as Spain did) manifests itself as pressure to increase private indebtedness. Indebted business is not really a strong business climate.

Currently, with austerity, the message seems to be that a strong business climate will be fostered by lax labour laws, easier layoffs and longer hours for lower pay. Meantime, skilled workers are getting fed up and emigrating.

tens of millions of people stand to see their lives ruined because the bureaucrats at the ECB don't understand introductory economics -- Dean Baker

by Migeru (migeru at eurotrib dot com) on Wed Dec 14th, 2011 at 09:07:55 AM EST
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