Time for an update on how austerity efforts are going.
In the U.K., a long list of economics/business profs and other notables wrote a collective letter in the Observer saying, " " They also offered up a rough start of a plan B, though the chances of the Cameron govt accepting their plan B seem low.
In Portugal, Bloomburg reports that "Portugal may have followed Greece into recession even before implementing austerity measures demanded for its European Union bailout that are set to further choke the economic growth needed to tame the country’s debt."
In Ireland, Eamon Quinn reports that, "unemployment has soared from 4.4% in 2007 to 14.8% in May." Their main hope for recovery seems to be an exports boom, although that seems unlikely to overcome the impact of severe austerity measures.
As for Spain, per Sylvia Poggoli, "Under international pressure to cut its deficit, the government imposed sharp austerity measures — cutting public service workers' salaries, freezing pensions and drastically reducing public expenditures. The immediate results: a 20 percent drop in consumption and Europe's highest jobless rate, 21 percent." No wonder they have .