Sunday, December 9, 2012

Roubini : Fiscal austerity is Necessary

Nouriel Roubini : “Fiscal austerity is necessary, but when it is front-loaded, raising taxes and cutting transfer payments, it affects economic activity in the short-term. You need austerity, otherwise you would have a crisis, but you can have a recession driven by front-loaded austerity. When people realise they have to tighten their belts, they need to be able to see light at the end of the tunnel.” - in investmenteurope
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