New York Times
Editorial
May 31, 2012
The financial news from Europe keeps getting worse. Spain’s government, its banks foundering, may soon need to be bailed out. The cost of that rescue could strain the new European bailout fund, leaving little behind should investors turn on Italy next.
Mario Draghi, the president of the European Central Bank, warned this week that the euro zone as currently structured had become “unsustainable.” He criticized Europe’s political leaders for half-measures and delays that have made the crisis worse. He is right.
The problem is not a lack of ideas on how to fix Europe’s mess. France’s new president, François Hollande, is arguing that relentless austerity — championed by Germany — is not the answer and that indebted countries need help to grow. The European Commission issued a report saying that debt reduction had to be pursued in “a growth-friendly manner.”
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