Where Has The European Government Debt Gone ?

The huge amount of government debt created in the Euro Area after the beginning of the crisis seems to be disappeared, what have we achieved with this new debt ?

As TrueEconomics reports, there is something wrong with European “austerity”:

We find ourselves in a tricky situation:

1) On one side, austerity has become the new tragedy of the Euro Area economies

2) On the other side, austerity hasn’t even managed to prevent government debt from growing

That’s a remarkable result, isn’t that ?