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Is austerity always the best policy?

31 May 2012 Last updated at 17:39 BST

What does the economic future hold for Greece, Europe and the world economy?

Jeremy Paxman is joined by Nobel Prize winning economist Paul Krugman, venture capitalist Jon Moulton and Conservative MP Andrea Leadsom to discuss whether austerity is always the best method for resolving a country's national debt problem.

Watch the entire programme on the BBC Newsnight website.