The Punch and Judy Show - Barrons.com
Sadly, the PIIGs idea of living-within-your-means involves far more tax increases than government (or spending) cutbacks.
And, the average member of the public in these countries doesn't seem very enthused about any government spending cutbacks.
French friends report strong Socialist party support within the country and far more radically left policies than Sarkozy - who, it doesn't seem has had any particular success in delivering on his election promises of toning down the big government and its bureaucracies - both local, regional and national.
These countries all seem to remind one of the family that feels reasonable flush or sated as long as they still have borrowing capacity on their credit cards. When the rates go up or they are getting close to a credit limit, they may hue and cry.
But, do these countries really want to go back to work. It sure doesn't seem so. Somehow growth (like a job) is nice to talk about, but the idea of knuckling down to actually do the work a job (read: growth) would entail - well, that's not a subject for socialistically polite discussion.
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