At a luncheon hosted by the Wall Street Journal, Blackstone CEO Steven Schwarzman said that his firm is working under the assumption that Europe will never grow.
“Our baked-in assumption is that Europe never grows," Bloomberg quoted Schwarzman as saying, “you have to improve it..."And by "improve" Schwarzman means making meaningful structural reform, which will require political action and consensus.
I think that action might eventually come but it might have to come via riots and social change by unemployed people. It has happened to Europe in the past but people were far more destitute then so it is hard to tell.
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