The October EU summit later on this month will make major decisions on how to deal with the current financial crisis in the South.
There is strong evidence that member states are doing a U turn understanding that huge austerity measures imposed on the PIGS will kill growth and be counter productive. The President of the IMF has already gone on record saying that countries like Greece and Portugal need more time to pay off their debts. Amazes me that it has taken them so long to understand this simple principle of economics!
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