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Austerity not the answer - Stiglitz

Nobel Laureate Joseph Stiglitz said austerity was not the answer to Europe’s economic woes.

Joseph Stiglitz. Picture:EWN

CAPE TOWN - American economist and Nobel Laureate Joseph Stiglitz on Monday said austerity was not the answer to Europe's economic woes.

However, he acknowledged that African economies were growing.

Stiglitz was not upbeat about Europe's economic prospects during a lecture in Cape Town.

He repeatedly emphasised that austerity measures have almost never worked in restoring economies.

The economist said there was virtually no evidence to suggest that large economies will bounce back through spending cuts as seen in Greece.

He implied that most European leaders do not have adequate policies or alternatives to austerity.

Stiglitz believes the Euro Zone will continue to divide itself.

He said African economies were still growing, but at a more moderate rate.

Currently, European countries are experiencing tough financial times.

Greece has been hardest hit by the financial crisis.

The country is in its fifth consecutive year of recession.

The unemployment rate in the European Union has added to growing frustrations in the region.