Joseph Stiglitz: European Austerity Movements May Cause A Double-Dip

08/24/2010 10:42 am ET | Updated May 25, 2011

Nobel Prize-winning economist Joseph Stiglitz said the European economy is at risk of sliding back into a recession as governments cut spending to reduce their budget deficits.

"Cutting back willy-nilly on high-return investments just to make the picture of the deficit look better is really foolish," Stiglitz, a Columbia University professor, told Dublin-based RTE Radio in an interview broadcast today.

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