Paul Krugman Depression Debt

Hoover the wild and crazy borrower?
FTA: "And the Hoover experience also provides a nice illustration of self-defeating austerity � not only didnt austerity produce economic recovery, it didnt even improve the fiscal position."

Source:
http://krugman.blogs.nytimes.com/2010/07/20/depression-debt/

Greece stands on the edge of the abyss

Greek unions are mobilising for new demonstrations against austerity cuts as the government races to push the unprecedented measures through parliament a day after deadly rioting.

Source:
http://www.dailytelegraph.com.au/news/breaking-news/greek-unions-plan-more-protests-despite-deaths/story-e6freuyi-1225863305233