Euro crisis may lead to ‘explosion of violence’

Thursday, December 27, 2012
By Paul Martin

Economist Galbraith warns of fate like Yugoslavia’s

By Darrell Delamaide
Dec. 27, 2012

WASHINGTON (MarketWatch) — The brinksmanship being practiced by German Chancellor Angela Merkel and other leaders in the euro crisis carries considerable risk, not least of which is a downward spiral in countries like Greece that could end in an “explosion of violence.”

This was the grim warning delivered by economist James Galbraith during a visit to Germany earlier this month as he described the possible effect of current austerity policies in Europe.

“The dynamic has an end state for which there is a model, and that model is Yugoslavia,” Galbraith said in an interview with the online publication NachDenkSeiten. He went on to specify what he meant by that model: “A downward spiral leading to an explosion of violence.” Read the interview in English.

Galbraith, a professor at the University of Texas and son of legendary economist John Kenneth Galbraith, made similar remarks in a keynote speech at a conference hosted by labor union IG Metall in Berlin.

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