02/27/2012 08:17 am ET Updated Apr 28, 2012

Paul Krugman: Why We Can't Afford To Get Europe's Story Wrong

Things are terrible here, as unemployment soars past 13 percent. Things are even worse in Greece, Ireland, and arguably in Spain, and Europe as a whole appears to be sliding back into recession.

Why has Europe become the sick man of the world economy? Everyone knows the answer. Unfortunately, most of what people know isn’t true — and false stories about European woes are warping our economic discourse.

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