The history of European austerity | WBEZ
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The history of European austerity

After a long night of contentious debate and despite violent protests outside on the streets of Athens, Greece’s parliament approved Eurozone austerity measures to repay the country’s multi-billion dollar debt. A significant number of Prime Minister Alexis Tsipras' Syriza party voted against the deal. The deal was even criticized by the International Monetary Fund. The IMF said the bailout fails to provide adequate relief to Greece’s "highly unsustainable" public debt. But the deal does not surprise many who have studied Europe’s modern fiscal philosophy. Doug Henwood is an economics journalist and editor of the blog, Left Business Observer. He also hosts the radio program Behind the News. Henwood joins us to discuss what he calls Europe’s anti-Keynesian market fundamentalist history. He’ll explain how he thinks it relates to the EU’s treatment of countries like Greece. (Photo: Flickr/Alex Guibord)

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