The pseudo-left in British politics likes to bang on about “austerity”. “Tory austerity”. Is it true? Is there such a thing as “Tory austerity”?
Short and to the point. And in the Guardian!
Could this kind of thinking become mainstream in British politics? If (New) Labour got into power would it all be watered down into a few gestures – a few token workers on the board, token regulation of still privatised natural monopolies? Or could something real happen? (We would bet the former).
A few observations on the Greek bailout in bullet point form.
- The magnitude of the Greek debt in relation to GDP is such that it is unlikely that any programme of austerity and re-payments will do anything other than