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Europe: On Britain’s forcing through austerity at the EU level

In the links this morning, I linked to a Handelsblatt interview with the head of Austria’s social democratic EU parliamentarians. The overall gist of his comments were that he believed the EU budget was ‘catastrophic’ because it was in deficit. However, he was arguing for additional revenue to support better infrastructure and increased employment. This is the standard social democratic political position in both Austria and Germany. But, as the EU budget wrangling has begun it is the intervention for austerity by British Prime Minister David Cameron that has won the day.

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About 

Edward Harrison is the founder of Credit Writedowns and a former career diplomat, investment banker and technology executive with over twenty years of business experience. He is also a regular economic and financial commentator on BBC World News, CNBC Television, Business News Network, CBC, Fox Television and RT Television. He speaks six languages and reads another five, skills he uses to provide a more global perspective. Edward holds an MBA in Finance from Columbia University and a BA in Economics from Dartmouth College. Edward also writes a premium financial newsletter. Sign up here for a free trial.