Even with the planned austerity measures, they'll be running deficits of 4% - 6% of GDP. If you need to borrow that much, you can't exactly tell the bankers to go pound sand. If they did, they'd be cut off from more credit and have to live within their means starting now. Austerity might be tough and it certainly is causing a tough time for many, but Spain and Greece are way better off with their current austerity programs than if they had to trim another 4% - 6% of GDP from their budgets.
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Date: 15/11/12 05:48 (UTC)