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Olivier Blanchard, chief economist IMF: One has the feeling that at any moment, things could get very bad again

Jeremy Warner, Telegraph 18 April 2012 är källa till citatet ovan.

Warner skriver också om Spanien. Dom, och det gäller inte bara dom, är inte smartare än så...

The /Spain/ government’s calculations are based on a simple extrapolation of the necessary fiscal adjustment from nominal GDP.

In an economy of roughly €1 trillion, the 3.2 percentage point targeted reduction in the deficit would, on the government’s thinking, therefore require a €32bn consolidation.

You hardly need to be an economist as accomplished as Prof Garicano to figure out that ripping 3.2pc of demand out of the economy will cause it to be smaller at the end than it was at the beginning.

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