Austerity Fails: European Nations See Debt Grow Despite Deep Spending Cuts

Austerity Fails: European Nations See Debt Grow Despite Deep Spending Cuts: Since the onset of the financial crisis, European countries have attempted to deal with their economic malaise by implementing austerity packages, slashing government spending and laying off public workers. However, such measures have proved self-defeating, as the austerity measures blunted economic growth and caused Europe’s debt to actually grow: The eurozone failed to reduce its [...]/p