Austerity derails Europe's great infrastructure update

Europe's carefully maintained motorways, high-speed trains and vast network of modern airports have long been the envy of the world.

But austerity budgets that are slashing infrastructure spending just as other parts of the world are ramping it up mean that may not be true for much longer.

European infrastructure spending rose just 1.5 per cent last year to US$741 billion, against global growth of 4.5 per cent and a 7.1 per cent rise in the Asia-Pacific region, according to Marketline, a business information provider.

via Business feed http://www.scmp.com/business/economy/article/1202163/austerity-derails-europes-great-infrastructure-update