Maintain prudence and discipline: PM Lee

SINGAPORE - As another European nation plunged into fiscal crisis, Prime Minister Lee Hsien Loong noted yesterday that Judgment Day had arrived early - brought forward by the recent financial crisis - for the continent, which had chosen the model of a comprehensive welfare state.

"Europe believed it had made a rational trade-off of more welfare for less growth," said Mr Lee, "But in fact (the) continent was living beyond its means."

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Personal Note: Singapore has done a fantastic job of encouraging productivity while balancing targeted subsidies to create a stable society. I can only hope that European countries will eventually study and implement aspects of the "Singapore System".  However, I fear that Europe will need to experience several major financial crisis until the situation becomes unsustainable enough to make it politically possible to implement meaningful changes.