SP Member of Parliament Ewout Irrgang, who will stand down at the coming election, participated today in a debate on the eurocrisis and expressed strong criticisms of the current approach to a crisis which is increasingly out of control. Irrgang, an economist, argued that the European austerity policies are not working, because the lowering of wages and social payments in almost all European countries is leading to shrinking economies. The Greek economy has experienced years of such negative growth, and has shrunk since the outbreak of the crisis by some 20%. This means that the level of debt as a proportion of Gross Domestic Product (GDP) has increased, further reducing the chances of a full repayment of debts.
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