The austerity imposed on Southern Europe after 2010 has led many famous economists to ban together and address the structural weaknesses of the monetary union. Some even have gone a step further by supporting European protest parties and leftist governments, demonstrating their opposition to the austerity policies.
Among them are Nobel Prize-winning economists Paul Krugman and Joseph Stiglitz; Jeffrey Sachs of Columbia University; James Galbraith of the University of Texas at Austin; and Thomas Piketty, professor at the Paris School of Economics.
In a joint letter, these acclaimed thinkers have asked the General Assembly of the United Nations today to back fundamental debt crisis principles concerning the restructuring of sovereign debts. The goal: to establish a legal framework for debt restructuring, allowing each state to solve its debt problems without risk of financial collapse and loss of sovereignty.