Why Austerity is Returning to Europe

The latest Eurostat data didn't make for happy reading with most of the EU running a deficit and 11 members in violation of fiscal rules. In this video, we'll explain Europe’s debt crisis; what the EU can or should do about it; and how it might be fixed.

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[supernoodles]

Time to listen to my daily dose of economic problems via a soothing voice

[Rui]

Imagine calling us lazy and irresponsible back in the debt crisis and now only 2 countries are doing better than Portugal debt wise. Lmao.

[RLDPI]

Last week „wages are to low“ today „austerity” make up your mind Europe

[MegaSavvis]

Thank you for providing links to your sources. I'm from Cyprus so my interest was piqued when you said that the Cyprus budget surplus in 2023 was due to Russian money laundering. You cite two articles that were published in 2023, but they actually detail Russian money laundering in Cyprus from before the Ukraine invasion, with some brief mentions of the impact of the outbreak of the 2022 Ukraine invasion. I am not denying that Russian money laundering was the bedrock of our economy the past couple of decades, but I'm not sure whether it's accurate to say it was responsible for the 2023 government surplus, it's not clear to what extent Russian money is still being laundered in Cyprus.

[kevinrichard]

The EU changed the fiscal rules in 2023.
It's more flexible now.
This video addresses the old fiscal rules.

[underratedbub]

Another day, another economic problem in Europe

[albevanhanoy]

The fuck you mean "Returning" ? Like it has ever stopped since 2008 lmao.

[thijmstickman]

Slow growth and a high tax burden, but rent keeps rising. Maybe tax the land owners?

[dookdevries]

Love that you've put David Cameron's 'For the Record' on display in EU news <3

[Jordan-fdcx]

In the UK it feels like we've been in a perma-crisis ever since 2008. When's the last time we had a 'good' year?

[NorroTaku]

Good dept is so much more important then "osterity"
If you cant build the road you cant reap the benefits of the factory

Tax the rich if you are concerned about the the black zero

[danielvalcarcel]

It's funny that we talk about how we aplied austherity when tons of conutries have chronic deficits.

[ahmed]

Austerity is the government saying: The structural problems of the system are bringing closer its end, but as we won't implement radical changes that will make some people less rich, you're gonna be poor for some time, it won't last long (wink wink).

[Zzzooooppp]

If Poland didn’t have to spend 4 percent on its Military because of its Geopolitical situation, it would be almost exactly where Ireland is 🤔

[pauluk]

Considering how things have gone with Covid, the energy crisis, plus all the other commitments, they are actually holding up quite well, but it was never going to be easy during a transition which is what is going on in Europe right now, especially on the energy sector and military.

Is it that big of a deal? Not in the short term, but changes will have to be made with reforms to kick-start the economy, after all, remember, we are in a transition that's impacting Europe far more than the rest of the world, especially when it comes to energy, but that's a short term problem, the long term problem is that Europe and especially the EU needs to start being a lot more competitive with high-tech.

In any case, having debt isn't a bad thing if it's managed debt, and honestly, looking at the overall numbers, they're not that bad but could be better.

[RamasArrow]

I just saw thru the window. Even the sun is going down. What a crisis.

[simon]

Poland is exception here with high debt dude to military spending.

[williambailey]

There are massive depts within the target payment system which gives unlimited free credit.

[hchzoz]

It seems worth mentioning that government spending is a part of the GDP. So a comparatively large US deficit and their stronger GDP growth are intrinsically linked. Growing moderately but without a big deficit may - depending on t he country and its economic situation - be the wiser choice. There is demographic change and younger generations have to pay the interest on that debt.

[dankspain]

Denmark should be an example administration efficiency and fiscal policy for the rest of Europe.