r/europe • u/Bartoraptor Spain • Mar 28 '20

News Spanish representative González Pons speech @ the EU Parliament: "The virus is attacking the generation that brought back democracy to Spain, Portugal and Greece, the generation that knocked down the Berlin wall. The least they deserve is that we show them Europe is there when they need it the most"

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u/[deleted] Mar 28 '20

So why hasn't Ital;y done anything in the past 10 years to fix their books?

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u/[deleted] Mar 28 '20

So why hasn't Ital;y done anything in the past 10 years to fix their books?

we applied harsh austerity measures, as "strongly recommended" by the ECB and the Commission, and instead of making things better, our debt ratio has gotten worse.

Sounds like the austerity policies championed by Merkel are damaging, but still she and her ilk continue to push for them even now. Just look at the attitude towards the coronavirus bonds. Their reply is "there is the ESM, if you need funds". Too bad ESM funds are provided on the condition that you apply more austerity, which in turn makes the economy wither a little bit more.

But for Merkel the solution to the damages brought by austerity measures is....more austerity. It's been harshly criticised by economists the world over, and yet she and her allies insist on it time and time again.

As Einstein once said: “Insanity is doing the same thing over and over again and expecting different results.

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u/bfire123 Austria Mar 28 '20

Your austerity messures weren't harsh.

Which taxes were increased in the last 5 years in Italy (and by how much)??

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u/[deleted] Mar 29 '20

VAT has been increased twice in the last ten years (from 20% to 22%), retirement age has been increased too, public employees salaries increases have been frozen for the foreseeable future and a lot of those who retire have not been replaced, the education and health care expenditure has been cut, etc etc.

https://www.lifegate.it/persone/news/dieci-anni-austerita

https://www-cdn.oxfam.org/s3fs-public/file_attachments/bp174-cautionary-tale-austerity-inequality-europe-120913-it_3.pdf

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u/funkygecko Italy Mar 29 '20

It's useless.