We learned this week that, for the first time since 2010, the economies of Germany, France, Italy, and Spain all had a quarter of economic growth. Long-beleaguered Spain led this foursome, growing at a 0.9% rate in the first three months of 2015.
Some will attribute this performance to the success of austerity programs that began five years ago. Outside the eurozone, the conservative victory in Britain’s elections last week was treated by Prime Minister David Cameron as vindication of his austerity program. But the facts cast doubt on these claims. Read More »