Ann Pettifor and Lee C Buchheit - Europe's Sovereign Debt Crisis

Europe's Sovereign Debt Crisis
14 Jun 2010

About the Event:

Governments across Europe are responding to market concerns over their public debt levels by implementing harsh austerity programmes and formulating unprecedented joint policy actions.

At this seminar, jointly organised by the IIEA and the Law Society of Ireland's EU & International Affairs Committee, an expert panel evaluated the politico-economic context of the current crisis, its implications for the Euro and the EU, and its potential impact on the global economy.

Dietmar Hornung delivered an outlook on European sovereigns which argued that profound and sustained austerity measures were crucial to exiting the current crisis.

Ann Pettifor, deploying Keynesian economic arguments, countered Mr Hornung's perspective, insisting that it was futile to try to bring down debt levels without first investing to ensure economic growth.

Lee C. Buchheit, focusing on Greece, explored scenarios that would demand a "Plan B" and shared his thoughts on what such a plan might entail.