The current economic program for Greece and many other countries in sovereign debt crisis in the
Eurozone is belt-tightening austerity. Yet we know from other regions that have implemented
austerity policies that the consequences can be severe and even detrimental. Structural Adjustment
Policies (SAPS) in Africa, under the guidance of the World Bank and IMF, have been widely criticized
for exacerbating existing problems such as unemployment. In Latin America, a wave of elections
bringing left wing and populous leaders to power amounts to a widespread rejection of the World
Bank model of development. And in East Asia, state-led development involving tight regulation of
financial markets and goal-setting for private enterprises has generated rapid economic growth
without sinking these countries into massive debt. In light of widespread rejection of the IMF/World
Bank model of austerity, why is it still the only major option (the recent election in Greece excepted)
being pursued in Europe and the United States in response to Global Recession?
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