It appears that the world will be mired in recession until 2020.
That at least is the view of David Cameron, who says that he now expects the crisis in the eurozone to drag on for years.
When asked by The Telegraph as to whether the austerity programme would now last a decade until 2020, the Prime Minister replied:
“I think it’s going to be...this is a period for all countries, not just in Europe but I think you will see it in America too, where we have to deal with our deficits and we have to have sustainable debts. I can’t see any time soon when…the pressure will be off.
I don’t see a time when difficult spending choices are going to go away.”That kind of talk will not help the economy, as consumer economies are underpinned by hope/expectations of growth and prosperity.