Paul Krugman, The New York Times | March 13, 2012
Greece's troubles have been used to promote a false narrative about deficits and austerity. ++ Greece has officially defaulted on its debt, even if in a negotiated manner. ++ But the story of Greece shows that while deficits are bad, slashing budgets in bad times is even worse. ++ Europe's periphery is now experiencing depressions caused by austerity. ++ Short of leaving the Euro, nations like Greece and Ireland have no good options. ++ Germany and the European Central Bank should instead demand less austerity.