Growth Focus Is a Smarter Call for Europe - WSJ.com
Let's start with the beginning - "Squeezing demand through budget cuts".There is definitely an obfuscated and ignored side here:
Demand is being squeezed by higher VAT taxes (i.e. things cost even more, in PT the VAT is 23%) and personal and corporate income tax surcharges (i.e. less income to wage earners and less for businesses to reinvest). The VAT rate is too high to begin with. Given a choice, how many people go to the supermarket where prices are always 23% higher?
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