- It's no more about monitoring fiscal austerity
- It's more about monitoring financial austerity (troubled banks vs public sectors)
- Household savings get low in Greece thus private spending will continue to decrease
- Even if wages were allowed to climb in some countries like Germany, this would not boost spending in Greece (tourism is down for 2012) or increase demand for Greek exports towards Germany
- No wage growth in Greece, Italy, Spain, Ireland, Portugal
- The competitive North and the un-competitive South doctrine will remain
- Then I feel like Greece started ''winning''...