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<span class="date-display-single">Tue, 03/07/2012</span> </div>
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<div class="glw-authors">By <span class="glwnews-article-location"><a href="/taxonomy/term/475">Dick Nichols</a></span></div><div class="field field-type-filefield field-field-image">
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<img src="http://www.greenleft.org.au/sites/default/files/imagecache/frontpage-lead-article/euro-crack.jpg" alt="" title="" class="imagecache imagecache-frontpage-lead-article imagecache-default imagecache-frontpage-lead-article_default" width="140" height="87" /> </div>
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<p>Facts are stubborn things. It is now clear even to German Federal Bank board members that the brutal austerity applied to the eurozone “periphery” ― Greece, Portugal, Spain, Ireland and Italy ― is not just bleeding these economies white, but starting to hurt the Eurozone “core” and world economy.</p>
<p>As a result, the investors, the nurturing of whose fragile confidence has been the whole justification for austerity, feel like investing even less.</p>
<p>“This time Europe really is on the brink,” said economists Nouriel Roubini and Niall Ferguson in a June 12 <em>Der Spiegel</em> commentary. </p>
<p><a href="http://www.greenleft.org.au/node/51542" target="_blank">read more</a></p>