Are we going to be Con-dem ned to this. Yes or no.

No country has ever volunteered such austerity. It is as tough a package as the IMF imposed on Greece. It is twice as tough as the famously harsh measures that Canada took between 1994 and 1997. It is 3 times tougher than Swedens measures between 1993 and 1995.In British terms is is immeasurably tougher than what we did after the IMF crisis in 1976 or after the ERM crisis in 1992.Observer today.

Canada had a booming US and Sweden had a booming Europe to export into after their cuts.

Now Europe has gone austerity mad. Its the latest fashion.