Monday, April 30, 2012
Wednesday, April 25, 2012
Moreover, the government led by Prime Minister Mark Rutte (see picture here above) is pushed to resignation because the rightwing populist party of Geert Wilders, which belongs to the ruling coalition, refused to endorse new austerity measures.
This is certainly a turning point in the saga of the Eurozone fighting its fiscal and economic imbalances.
What is paradoxical is that the arrogant Dutch government was one of the hardest defenders of a German-style "all-austerity" stance among European countries. Remember that in October-November last year, Netherlands insisted a lot to impose the "Golden rule" and the obligation for all Eurozone members to reach the maximum level of 3% annual budget deficit by 2013.
It is now clear that this "one-size-fits-all" policy of austerity is dragging one country after another back into recession and that many European countries will probably enter into a period of political crises.
The resignation of the Dutch government is a good news in the sense that it is an alarm signal for all policy-makers in Europe : if they continue to support this suicidal austerity-only stance, the result will be a political nightmare on top of an economic disaster.
The next test is on the 6th of May : 2nd round of presidential elections in France and general elections in Greece.
Posted by Investitus at 12:38 PM