Europeans wince at austerity, and markets fear their wrath

"It's hard enough to get the electorate to support austerity at the best of times," said Simon Tilford, the chief economist of the Centre for European Reform in London. "They promised endless austerity with no prospects of a return to growth, and there will be mounting opposition to this. The EU and IMF are insisting on a course of action that has already failed," Mr Tilford said. "That is not going work but is going to impose huge economic and social costs."