Tribes of Europe Might Explode

The Greek tragedy: no money, no hope ... Despairing middle classes could be the biggest threat to Greece's future, writes Paul Mason in Athens ... Dmitris Andreou made the last sale out of his small estate agents business in June. His wife Mary, makes her living preparing high-school students for English exams. But her living has dried up. Their savings are exhausted, their disposable income has dropped by about 50 per cent in two years, and they are angry. – UK Telegraph
Dominant Social Theme: Once the Greeks – and the PIGS generally – get used to austerity, the Eurozone will rebound.
Free-Market Analysis: This story is interesting because it is written by a mainstream journalist and actually tells the truth about Greece – that Greece, or its citizens, are ready to explode. One can extrapolate from Greece to the rest of the EU, or at least its Southern half. Push "austerity" a little further, as a solution to the "sovereign debt" crisis and all Europe may begin to detonate.
It is not just the Southern PIGS which are reeling. It is Northern Europe, too. The Northerners, especially Germany, do not want to pay for Southern profligacy. And Southern Europeans are well aware the fault does not lie with them, especially, but with elite political and financial interests.
It was not the average Greek or Spaniard who borrowed the money that has put the South in debt. The analyses of the European situation make it sound as if each individual was guilty. Not true. The Anglosphere banks arranged the lines of credit that are throttling the PIGS now.