Austerity is big in Japan

June 12, 2010
By

Japan may be one of the next countries on the brink of economic collapse. The country’s new Prime Minister and former finance minister Naoto Kan was recently quoted by Business Insider as saying that, “As we can see from the eurozone confusion that started in Greece, there is a risk of default if growing public debt is neglected and trust lost in the bond market.”

This follows the patterns set by Greece and Hungary, in which a new government comes into power, immediately announces that the previous administration has run the country’s finances into the ground, and implements strict austerity measures in accordance with dictates laid out by the International Monetary Fund. On Friday, Japan’s banking minister, Shizuka Kamei, who had advocated loose spending and monetary policy, resigned under pressure from the new administration Columbia University professor Gerald Curtis is quoted by the Manila Bulletin Publishing Association as saying, ”It’s a good thing, because Kamei was constantly baiting the prime minister and undermining the authority of the office.” Now Kan will be free to forge ahead with his austerity plans.

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