Tuesday, April 03, 2012

EUROPEAN CRISIS

An outsider often sees more of a situation than most of those involved at first hand do. Here is an example of a US observer's view of the present economic crisis in Europe. "Today, hundreds of thousands of people are living in campgrounds, vehicles and cheap hotel rooms. Millions more are sharing space with relatives, unable to afford the basic costs of living. .... Now, economists, European officials and social watchdog groups are warning that the situation is set to worsen. As European governments respond to the crisis by pushing for deep spending cuts to close budget gaps and greater flexibility in their work forces, "the population of working poor will explode," said Jean-Paul Fitoussi, an economics professor at L'Institut d'√Čtudes Politiques in Paris. (New York Times, 1 April) RD

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