If you strip away the political correctness, Chapter Three of the IMF's World Economic Outlook more or less condemns Southern Europe to death by slow suffocation and leaves little doubt that fiscal tightening will trap North Europe, Britain and America in slump for a long time.
"Not all countries can reduce the value of their currency and increase net exports at the same time," it said. Nobel economist Joe Stiglitz goes further, warning that damn may break altogether in parts of Europe, setting off a "death spiral".
Most countries peg the value of their currency on the American dollar, with Washington's runaway printing/money creation devaluing the dollar, other countries follow suit to keep their goods attractive. Thus, the master plan of the IMF and World Bank to create a one world currency unfolds. -- kdtroxel