Why Is Europe So Messed Up?

We pretty much understand the broad outlines of the financial crisis in Europe. Banks over-borrowed and over-lent. States bailed them out. Which left governments grappling with rocketing debt ratios. The puzzle is why leaders think public spending cuts are the right response, when all they have done is to make things worse. “It’s all quite mad, but that doesn’t mean it will end anytime soon”. Short of a revolution (1,926 words)

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