Matthew “Matt” O’Brien the USA author and journalist has published an article in The Atlantic citing ‘Spain Is Doomed: Why Austerity Is Destroying Europe’. In the article O’Brien states “Nearly a quarter of Spain’s population is unemployed. Half of its youth are out of work. And it’s only going to get worse. Spain is supposed to trim its deficit by some 5.5 percent of GDP over the next two years. That’s not a recipe for growth. Just ask the IMF, which downgraded its projections for Spain’s economy back in January. What matters for a nation is its GDP. That’s a country’s equivalent of personal income. If Spain’s GDP is set to fall for the foreseeable future — and it is — then who would want to lend to Spain? The markets gave their answer — practically nobody! — and ECB was forced to fill the void by giving Eurobanks free money to then invest in sovereign debt. Yields came down. European policymakers declared “Mission Accomplished.” …Rather than consider the possibility that the economy might work differently than they think, they have settled on a simple message: The beatings will continue. Unfortunately, morale will continue to not improve. Eventually, you have to think leaders in Europe’s beat-up countries will begin to wonder if life might be better outside the euro zone.”


Inspired by The Atlantic image source Business Insider