http://krugman.blogs.nytimes.com/2012/05/01/coordinated-austerity/
Coordinated Austerity
Antonia Fatas points out that there was a sharp turn to austerity on both sides of Atlantic in 2010 — which is a large factor in the weakness of economies in both places:
But guess who didn’t make an equally sharp turn? (All data from Eurostat)
In general, everything — everything — you hear conventionally, from the legend of Irish recovery to the legend of German austerity is just not true."
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