“The answer, even though they see over and over again that austerity leads to collapse of the economy, the answer over and over [from politicians] is more austerity. It reminds me of medieval medicine, It is like blood-letting, where you took blood out of a patient because the theory was that there were bad humours. And very often, when you took the blood out, the patient got sicker. The response then was more blood-letting until the patient very nearly died. What is happening in Europe is a mutual suicide pact”
Joseph Stiglitz, Prémio Nobel da Economia em 2001, a 17 de Janeiro em Hong Kong numa conferência organizada pelo Fórum Financeiro Asiático.