04/04/2014 18:02 BST | Updated 04/04/2014 18:59 BST

Austan Goolsbee, Former Obama Economic Advisor, Says Putin May Push Eurozone Closer (VIDEO)

The crisis over Russia’s annexation of Crimea may have inadvertently pushed the countries of the eurozone closer together, according to a former economic adviser to President Obama.

Following on from a recent comment piece in the Wall Street Journal, Austan Goolsbee, who is the Robert P. Gwinn Professor of Economics at the University of Chicago, told Huff Post Live that the countries on the periphery currently being asked to "engage in significant austerity" are likely to be more accepting of those hardships when the alternative is to fall under Russian sway.

"Countries are worrying that they are about to be conquered," said Goolsbee, "and that political argument trumps the economic pain of austerity."

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