The Fiscal Times, Aug. 24, 2010: Germany and the UK Try to Dig Out from Euro Zone Crisis
Last spring, European nations reluctantly began reining in government spending as part of austerity measures meant to assure investors of the euro zone’s viability. Leaders from Madrid to London knew that, in time, drastic spending cuts would be necessary, and they knew it wouldn’t go down easy. The riots and strikes in Greece could have spread throughout Europe as people used to retiring at age 61 with full benefits realized their entitlements might be cut back.
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