08 SEP 2010

By Jamie Dunkley | Telegraph (Austerity cutbacks are an economic 'disaster', Nobel Prize winner Joseph Stiglitz warns)

Joseph Stiglitz, who won the Nobel Prize for Economics in 2001, said the use of deep spending cuts was a "disaster" adding that Europe was heading towards more economic difficulties if politicians cut back spending rather than calm down the financial markets.

"If that (austerity) happens I think it is likely that the economic downturn will last far longer and human suffering will be all the greater," he warned on Tuesday.

Read entire article