Political economist Mark Blyth, author of Austerity: the History of a Dangerous Idea, questions claims that austerity is finally leading Europe to a recovery. With unemployment in double digits and record levels of debt, Blyth argues that the signs of recovery are actually the result of investors seeking profits from high European risk premiums. According to Blyth, the banking crises at the heart of Europe's troubles has not been addressed.
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