The prophet vision and the European debt crisis

The European Union’s decision to pull Italy and Spain back from the brink of financial disaster, Germany’s relaxing of an austerity-only approach to the eurozone’s problems, and the European Central Bank’s commitment to the euro are glimmers of light breaking through the dark cloud of Europe’s debt crisis, although much uncertainty remains. 

The Spanish government has also launched new austerity measures that include curtailing civil servants’ bonuses, reducing unemployment benefits, and cutting back on coal subsidies. None of these measures has been popular, but an EU ultimatum requires Spain to shave 65 billion euros from the state budget within two and a half years in exchange for receiving funds for its struggling banks. Investors fear that bailing out Spain will drain crisis resources and impact Italy.

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