CRISIS in Europe has led to growing concern around the developed world over the historically large piles of sovereign debt that have accumulated in recent years. Market panic led a number of souther European nations to move into crash austerity mode, while other economies yet spared the market's wrath have planned or discussed cuts of their own. But the continuing weakness of the rich world economy has made the decision to trim budgets a difficult one. Should countries, like America and Britain, facing weak growth and low interest rates opt to trim now, or will current budget cuts do little but undermine fragile recoveries?
Read this article in The Economist here.
