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However it would be wrong to characterise this as austerity forever for most countries other than Greece which has a plainly unsustainable debt burden and little hope of escaping ongoing austerity without debt forgiveness.

Well, that is optimistic! But it is also practically irrelevant at this point. Germany is imposing austerity on its own citizens to the extent that it, combined with the surge of Syrian and other immigrants, most of whom are followers of Islam, has fueled the rise of AFD. And nothing short of a massive social welfare initiative for the bottom half of Germany's indigenous population is likely to reverse that - as if it were even a conceivable option for any likely German Government. And Macron - who reminded Hollande about Say's Law and is busy pushing through 'reforms' in France will do nothing to improve the lot of the bottom half of Frenchmen.

Anything that might have a chance of working is off the table for even discussing - see Varoufakis. Putin must be laughing. At least HE knows how to gull the bottom 70% of Russians it seems and he is well on his way to being democratically elected as President for Life of Russia.

"It is not necessary to have hope in order to persevere."

by ARGeezer (ARGeezer a in a circle eurotrib daught com) on Tue Oct 24th, 2017 at 04:42:25 AM EST
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