BRUSSELS (Reuters) - Europe will need more spending cuts to emerge from its debt crisis despite an admission by the International Monetary Fund that cost cutting can choke economies, the EU's top economic official said on Friday. The damage from aggressive austerity may be up to three times more than previously thought, the Washington-based lender said late last year, after earlier prescribing sharp deficit cuts to the euro zone. It has since shifted its advice, now arguing against forcing heavily indebted countries such as Greece to reduce their deficits too quickly. ...
 |
| READ THE ORIGINAL POST AT news.yahoo.com |