European political leaders and the institutions of the European Union have reacted to the Euro crisis by creating conditional debt packages, in cooperation with the IMF (International Monetary Fund). Such “aid packages” typically prescribe severe austerity measures, similar to the structural adjustment programmes applied to many troubled developing countries, especially since the 1980s. The results have rarely been a success. 2
Marica Frangakis, Nicos Poulantzas Institute, Athens
07 October 2011
Every story needs a narrative, an explanation of why things happened the way they did. In such a narrative lie the answers of how to avoid/correct similar developments in the future and how to propagate positive ones.