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No Shock. No Awe. Friday we saw another major opportunity to sew up the European crisis get frittered away. Don't get me wrong, an EU fiscal pact to reign in runaway government spending is nice. But austerity alone is not the answer. Why's that? Because European government spending makes up a fairly hefty percentage of the continents GDP. So less government spending = weaker economy = lower tax revenue = bigger deficit problems. So to better impress the rest of the investing world they best get cracking on some growth oriented programs to offset the austerity measures. Let's hope they unveil that soon. |
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