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
MarketWatch.com
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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