Unlike Hayek, John Maynard Keynes was a policy man: fully engaged from the Great War and Treaty of Versailles through the Depression and World War II to Bretton Woods. His theories and his policy views developed side by side.
Progressive tax modernization can and should raise significant revenue to finance job creation and public investments, shrink deficits, and ease pressure elsewhere in the budget.
A "Troika" document admits the failure of the policy imposed to Greece. A vicious circle is in motion with fiscal restrictions, subsequent real (and nominal) decrease in GDP, new fiscal restrictions and so on
The lack of growth is the most threatening aspect of the Italian crisis, and of the eurozone. The solution depends on the ECB and on the (post-Berlusconi) Italian Government.
