Reports that Spanish banks will be bailed out without a consequent austerity package have prompted Newsnight’s Paul Mason to describe this as a game-changer. However, he’s only thinking about the Euro crisis. If Germany really has turned, then the only government left to pursue aggressive austerity is the British.
It is fitting, in a way, since George Osborne Caused the Euro Crisis. He is the inventor and chief proponent of aggressive austerity. It is his baby. If he’d had no influence, then Europe would likely be in a very different situation today. It is worth looking back at how this came to be.
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