New School of Athens

Austerity has now become the global policy du jour. It was one of the major issues in the French and Greek elections of May 6th. Yet, by the Spring of 2013, unless the trend is reversed, Greece, Italy, Spain, Portugal, Britain, Canada and even France, will probably be subjected to various doses of this medicine.

Greece’s growing turmoil is the culmination of a radical austerity experiment and botched economic overhaul that have pushed the nation to the brink of social and political breakdown. The story of the ill-fated bailout suggests that forcing deep austerity on individual member states won’t save the euro and may worsen its crisis.

Paul Krugman is a relentless critic of austerity policies.