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Strategies & Market Trends : The Residential Real Estate Post-Crash Index-Moderated -- Ignore unavailable to you. Want to Upgrade?

To: Les H who wrote (29625)	7/19/2011 10:06:30 AM
From: Les H	2 Recommendations Read Replies (2) \| Respond to of 119360

European Union policies to try to protect the euro region from a possible sovereign debt default are “absolutely crazy,” according to Amartya Sen, the first Indian to win the Nobel Prize for economics. Enabling Greece to sell its products at prices determined by the euro will only be achieved by huge spending cuts that will make the lives of Greeks “pretty unbearable,” Sen, 77, said in an interview in Edinburgh yesterday. “This whole idea of inflicting huge amounts of local sacrifice in order to generate a surplus to pay back foreign creditors to keep the euro intact is an absolutely crazy economic policy,” Sen said. “The later it ends, those countries technically defaulting like Greece, Portugal or Spain will end up with a much bigger debt than they need have if they had been liberated from their euro chains a bit earlier.” bloomberg.com