Consumers in full retreat as Europe bows to austerity
The politicians squabble about national interest while the union they designed starts to creak, writes Jody Corcoran
Published 28/08/2011 | 05:00
In Europe they talk of little else. Austerity alone is still the order of the day: France, Spain and Italy are to follow the lead of Greece, Portugal and Ireland. Before long, the Continent will be a wasteland.
Last year, President Nicolas Sarkozy announced a €10bn austerity package, essential, it was said, to "maintain" the confidence of the financial markets.
At the time, his government was predicting an economic growth rate of a relatively modest two per cent this year followed by 2.25 per cent next year.