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Joseph E. Stiglitz: What is needed is not structural reform within Greece and Spain so much as a fundamental rethinking of the policy frameworks that have resulted in the monetary union’s spectacularly bad performance.

Austerity had failed repeatedly, from its early use under US President Herbert Hoover, which turned the stock-market crash into the Great Depression, to the IMF “programs” imposed on East Asia and Latin America in recent decades. 

And yet when Greece got into trouble, it was tried again.

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