The downside of austerity

Without delving into the nitty gritty of currency valuations, geo-political structures and the like, it seems the situation in Greece and the rest of Europe might be getting worse before it gets better. There have been umpteen stories about the effect of Greek elections on it’s viability as a member on the Euro and the long term ramifications of a possible debt default. What will become of the EU? Will the leaders of Europe’s superpowers even be able to sustain it as a group? If not, what will be the legacy of Sarkozy, Hollande and Merkel, their austerity-loving counterpart? I figure they must be wondering a similar thing and perhaps maybe in these fiscally conservative times it may be wise to hold off on any grand statements of posterity.

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