SOURCE: Business Review Europe

Business Review Europe

January 20, 2011 13:43 ET

Austerity Is Necessary to Avoid Financial Armageddon

SAN DIEGO, CA--(Marketwire - January 20, 2011) - The student protests in London have dominated headlines in Britain for the past month, and they seem to be demonstrating a sign of times to come, not only in Britain but in Europe as a whole. In the wake of the largest global recession for the past three decades, many countries in Europe are facing severe austerity measures in order to regain control of their suffering economies.

But often with austerity comes conflict between governments and their people. Throughout Europe evidence of this correlation is being played out on the streets of some of Europe's most prominent cities and business capitals.

2011 looks set to be an interesting year for European business and with this sentiment in mind; I turn to the words of Ben Habib, featured in January edition of Business Review Europe; "Spending money in the face of a credit crunch when the world is economically falling apart is necessary to avoid financial Armageddon, but governments need to square their books otherwise the problem will increase and perpetuate."

While European governments need to implement spending cuts correctly and with caution, they are necessary to spark growth and provide European businesses with confidence in the long term market.

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