Welcome to European Tribune. It's gone a bit quiet around here these days, but it's still going.
How would the 40-80% cut in wages that most workers and pensioners suffer in a disorderly devaluation be any better than the current ordeal?

Easy: they would retain their jobs and the public sector would retain the ability to run social transfers and employ people.

The morons in charge are not only gutting intra-EU solidarity. They're destroying the concept of state action. And they're doing so because the EU treaties and the Euro rules mandate it.

There are three stories about the euro crisis: the Republican story, the German story, and the truth. -- Paul Krugman

by Migeru (migeru at eurotrib dot com) on Sat Mar 17th, 2012 at 01:32:14 PM EST
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