… though the time of austerity has only just begun, there have been mass protests in Dublin, riots in France, anarchist assaults on Tory Party headquarters in London and lethal violence in Athens. And while austerity may be necessary to restore fiscal and financial health, austerity alone cannot restore prosperity.
That will take years.
Which returns us to the character of the people of Europe upon whom these stringencies are being imposed.
How long will Greeks, Irish, Portuguese, Spanish, British, French and others, facing a savaging of social safety nets, accept austerity, without searching for populist candidates and parties who will default on the debt and let banks go under?
Why not break free of the discipline of the euro, restore the old national currency, devalue and stiff the creditors? Argentina did it.