Austerity bane for EU: Renzi

Rome / AFP

Italian Prime Minister Matteo Renzi has compared Europe’s recent economic policies to administering drugs to artificially prolong the life of a terminally ill patient. A regular critic of EU’s budget deficit rules, Renzi said in an open letter published by La Repubblica on Thursday that austerity economics had resulted in Europe being left behind by the United States. “The countries that have had growth in Europe have achieved it only because they broke the deficit rules,” he wrote, citing Britain and Spain, currently growing but running respective deficits at five and six percent of their GDP.

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