05/07/2012 08:23 am ET Updated Jul 07, 2012

Paul Krugman: 'About Time' Greece And France Revolted!

The French are revolting. The Greeks, too. And it's about time.

Both countries held elections Sunday that were in effect referendums on the current European economic strategy, and in both countries voters turned two thumbs down. It's far from clear how soon the votes will lead to changes in actual policy, but time is clearly running out for the strategy of recovery through austerity -- and that's a good thing.

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