Economists: Europe stuck on bailout merry-go-round

"There's a real risk that the Spanish economy will get caught in a downward spiral and need a bailout," said Simon Tilford, chief economist at the CER. "Unless the EU changes strategy radically and permits Spain to rein in the extent of austerity, all they're going to do is fuel social tension and destroy Spain's growth potential," Tilford said. ... "Ireland is not a success story for austerity. Its underlying numbers are dire" ... "If any country can dig itself out, it's going to be Ireland, but at what cost?"