European attempts to restrain the upcoming crisis were defeated. Of course, it would be reasonable to assume that the fact that the European Central Bank seeks to provide almost trillion dollars as an inexpensive three -year financing if it does not help to cope with the crisis, then at least it will help to restrain it for a long time. But this, as it turned out, is no more than half a measure. Weak banks, especially the Spanish, acquired a significant part of the debt of the Spanish government, and foreign businessmen easily sold their own possessions to them. Market participants understand that banks now have serious debt obligations of their states, so they are even more alarmed. Europe is again and including the global economy on the edge of the abyss. The creators of modern politics and their allies believe that the world is not strong enough to follow the current strategy. Others believe that failure means that the course needs to be changed. This point of view is common among European voters. European states are excessively drawn into debt, so they do not have access to markets on acceptable conditions, and high interest is harmful to the financial system, suppressing economic growth. This strategy consists in ensuring financing and curbing large expenses to a level that would restore confidence, lower interest rates and establish an increase in the economy. The strategy successfully used the International Monetary Fund in Germany after the reintegration of East Germany, as well as in developing countries. Unfortunately, Europe mistakenly diagnose shortcomings and develops an incorrect strategy. Beyond the boundaries of Greece, which has only 2 percent in the eurozone, wastefulness is not the root cause of all problems. Ireland and Spain were distinguished by a low debt ratio to GDP 5 years ago, which was much lower than this ratio was in Germany. Italy had a high debt coefficient, but at the same time a scarce position was favorable. European countries suffered trouble only after the financial crisis of 2008. High deficiency has become a symptom, not the cause. Therefore, the cause should be treated, not symptoms. In addition, the cause of financial problems lies in the absence of growth. Europe needs to concentrate on growth rates, and at the same time, increasing the saving measures will become an erroneous step.
