November 30, 2011
This important fact should have been noted in an article on a public sector strike in the U.K. against plans to cut workers’ wages and benefits. The article includes some discussion of the effectiveness of the U.K. austerity plan and notes that interest rates on U.K. debt are now lower in Germany. An important difference between the U.K. and Germany is that the U.K. has a bank that can buy its debt in a crisis. The European Central Bank insists that it will not play this role for Germany and other euro zone countries.
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