(Original post by floridadad55)
What the Greek's call austerity, most of the rest of the world calls living within your means.
You can't pay your gov't workers large salaries and pensions, if you don't have a prosperous economy to sustain them.
Under Merkel, Germany has been making the tough decisions for a long time now, and living within their means, and Germany has prospered as a result, while most of the rest of Europe has refused to impose austerity. The UK should be commended for imposing some "austerity".
The truth though, is that whatever austerity has been imposed has been much LESS than is truly needed.
Sarzoky's austerity program was very mild and watered down, and even that, the people of France considered too painful.
A country might decide to reject austerity, but if they do, they will be punished in the marketplace, with capital flowing to those countries that get their house in order.
As an American, I can tell you that America's turn is soon coming. We have been racking up massive deficits, first under Bush, and now, three times worse
under Obama. These massive government expenditures have produced very little of value. Much of the money has been wasted or stolen, or used to prevent the layoffs of government workers, many of whom never should have been hired to begin with.
If the economy doesn't improve overnight after imposing austerity, that doesn't mean that austerity is not "working". This will be a long term process, like someone is is way overweight going on a diet, losing a pound a week. Results might not become apparent for a while.