IMF Economists Raise Alarm Over Austerity Measures

Thanks to bad estimates, budget cuts and scale backs across the Eurozone have gutted the region's economy, a new report says, with damage much more widespread than previously thought.

Austerity measures in the West have had a devastating effect on the Eurozone, according to a new paper published by the chief economist at the International Monetary Fund, with damage more pervasive and widespread than previously imagined.