Unwise spending exposes Europe's economic errors

Associated Press
Unwise spending exposes Europe's economic errors

In this photo taken Oct. 31, 2012, a man visits the Portuguese Madeira Islands regional government's latest showpiece investment, a panoramic steel-and-glass viewing point perched on what claims to be Europe's highest cliff-top in Cabo Girao, Portugal. The price tag for the platform, parking lot and cafe was euro 2.5 million. That’s a hefty outlay for a near-bankrupt archipelago of about 250,000 people which has euro 6.3 billion in public debt, needed a euro 1.5 billion bailout last year and has promised to be frugal. But development funds from the European Union, bankrolled by the continent's taxpayers, made it affordable by picking up euro 2 million of the tab. (AP Photo/Joana Sousa)

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