It avoided harsh austerity measures and is doing better: Paul Krugman
(NEWSER) - Markets are thrilled that Europe finally cut a deal, "however vague the details and however inadequate it may prove," writes Paul Krugman in the New York Times . The deal is better than nothing, he writes, but it once again highlights the misguided doctrine he says is doing great harm to the US and Europe: the idea "that, in the aftermath of a financial crisis, banks must be bailed out but the general public must pay the price." At a time when governments should be spending to create jobs, they're buying into the false notion that austerity will work instead. More»