Europe is providing ever more evidence that austerity breeds austerity, which brings on recession and depression.
Though he formally adheres to Syriza's goal of a deal with the institutions under which it can both reverse austerity measures and stay in the euro, he believes the odds of securing those terms are extremely low.
Talks are continuing between the country's new anti-austerity government and other EU member states about the conditions under which it should continue to pay interest on its sovereign debt and whether some of it should be forgiven.
The class was one of several built under the wartime austerity regime, which stressed pure functionality above any considerations of style or decoration.
First, the president and many other leading Democrats have adopted the rhetoric of discredited austerity economics, which usually masquerades under the catch-all phrase "Simpson Bowles," leaving the public's wishes and interests unarticulated in our national debate.
They are demanding that austerity measures which were voted through Parliament under the previous Socialist government — including tax increases, wage cuts and public sector layoffs — be revoked.
It would also be an error to interpret the election result as an unqualified endorsement of the Conservatives' austerity policies, which largely defined their first term of office under Cameron.
Had the second budget also been rejected, under state law the district would have been compelled to adopt an austerity budget, which would limit the spending increase to 1.9percentt above the current budget.
A recent €65 billion austerity package, which triggered widespread public protest, has failed to convince markets that Spain is getting its finances under control.Falling revenues and soaring bond yields are a toxic mixture.
Elsewhere, you get austerity programs, which offer another set of natural experiments.
