Split growing in Europe over merits of austerity

A few months ago, there was some agreement among Europe’s leadership that the imposition of some measure of fiscal discipline was needed to salvage the economies of Greece and Portugal.

However, as economic indicators and market behavior points to another recession that unity is showing signs of stress. Simon Tilford, chief economist at London’s Center for European Reform tells the New York Times that if more nations “get dragged into this [debt crisis] and their borrowing costs continue to rise, that could influence whether they continue to back Germany and the line taken on the euro zone crisis.”

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