Bloomberg News

European Union Austerity Measures Are ‘Suicide,’ Stiglitz Says

December 07, 2011

Dec. 6 (Bloomberg) -- Austerity measures backed by the European Union nations trying to resolve a debt crisis are “suicide,” Joseph Stiglitz, a Nobel Prize-winning economist, said.

Europe should “take lessons” from the debt restructuring experience of Argentina, which defaulted on $95 billion of bonds in 2001, Stiglitz said at a seminar in Buenos Aires today.

To contact the reporter on this story: Camila Russo in Buenos Aires at crusso15@bloomberg.net

To contact the editor responsible for this story: Bill Faries at wfaries@bloomberg.net


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