Europe is in the eye of an economic cyclone, with a fresh storm about to hit vulnerable countries, the former chancellor Alistair Darling has warned.
Mr Darling, who accurately predicted in 2008 that Britain was on the brink of the worst economic downturn for 60 years, said European Union leaders should not be lulled into thinking that the worst of the eurozone crisis is over.
In a lecture to students at Queen Mary, University of London last week, the Labour MP said the situation in Spain, where the centre-right government is imposing severe budget cuts and a general strike wreaked havoc on Thursday, should trigger alarm bells across the EU.WIKI:
Alistair Maclean Darling (born 28 November 1953) is a Scottish Labour Party politician who has been a Member of Parliament (MP) since 1987, currently for Edinburgh South West. He served as the Chancellor of the Exchequer from 2007 to 2010HIS DIAGNOSIS IS CORRECT; HIS PRESCRIPTION IS NOT: HE WANTS MORE KEYNESIAN DEFICIT SPENDING AS IF IT WOULD STIMULATE THE ECONOMY.
HE'S WRONG. THE DEBT IS WHAT'S CRUSHING THE ECONOMY.
WHAT WILL STIMULATE THE ECONOMY IS BIG GOVERNMENT GETTING OUT OF THE WAY AND UNLEASHING THE PRIVATE SECTOR.