European debt crisis continues to cause concern

Andiswa Mkosi18 July 2012

The European debt crisis continues to cause concern for world leaders and South African economist Dawie Roodt says socialism is to blame.

He says politicians kept on spending on unaffordable populist items until they were in debt.

The result now is that governments are forced to cut back on pensions, salaries and other entitlements, while raising taxes in their overburdened economies.

Roodt says this could be the end of the road for socialism