EU risks making a bad situation worse

Press quote (New York Times)
04 October 2010

"Poor economic growth prospects, not high deficits, lie at the heart of the eurozone crisis," says Simon Tilford, chief economist at the Centre for European Reform think tank. ... "The eurozone can only avoid permanent crisis by convincing investors that growth will be strong enough for the hard-hit members of the currency union to service their debts," Tilford wrote in an essay entitled 'How to save the euro.' "As things stand, it is hard to see how they can grow their way out of trouble."