Merkel's "wise man" Peter Bofinger discusses why austerity is not the answer to Greece's problems
Professor Peter Bofinger, one of Angela Merkel’s council of “wise men”, says that whilst he has some sympathy for the Greek’s position, he believes that austerity is not the answer to Greece’s problems. Instead, he suggests that the most important action is to develop a grow trajectory for Greece which is realistic.
Professor Bofinger goes on to add that if Angela Merkel were running the US economy, the world would be in a depression now.
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