The upshot: Fiscal multipliers can be a lot higher in times of distress than in normal times. The logical conclusion is that Europe's austerity policies were founded on faulty assumptions and should be eased.
http://www.arretsurimages.net/vite.php?id=14955
https://www.nytimes.com/2013/01/07/opin ... html?_r=1&
http://online.wsj.com/article/BT-CO-201 ... 10143.html
http://www.bloomberg.com/news/2013-01-0 ... erity.html