Resumo do artigo de Wolfgang Munchau no Financial Times de hoje, nas palavras do próprio (destaques meus):
"If you make unrealistically optimistic assumptions about the size of the fiscal multiplier, the global economy and the impact of structural reform on growth, you can make any debt disappear on paper. This can go on until these assumptions are falsified. But it cannot go on for ever.
"The latest dreadful confidence surveys are in line with my expectation that austerity will have a very significant negative effect on growth in 2013. The recession in southern Europe, including Greece, will probably continue at least until 2014, at which time debt to GDP ratios are likely to be similar to today’s. If you keep piling austerity programme on austerity programme for a sufficiently large number of years, then the policy might eventually work. But that’s a politically unrealistic proposition. Portugal, for example, is already cutting subsistence payments for very poor people to meet the agreed deficit targets."