C. Fahrholz & A. Kern: Greece’s stated intent of selling treasury bonds solely to foreign investors, as a means to push through fiscal reforms, could result in a full-blown drama, at the expense of European taxpayers. Greece is taking this bet, under the assumption that the IMF and the Euro area will come to its rescue.
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Europe needs sustainable productivity growth and above all job creation in order to leave the public debt crisis behind it. ++ A reduction of public debt levels is absolutely imperative. ++ “While it is true that appeals for fiscal austerity do not reinforced the popularity of decision makers, one should not underestimate the instinctive wisdom of the citizen.” ++ Only if structural reforms are
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