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  No matter what most of these 'anti-austerity' protesters think they cannot change the rules of mathematics, 1 plus 1 will still equal 2 and not 3.
  
  I see that today Greek bond rates are up at 23%.
  
  In other words, any new borrowing for deficit spending will cost, for each £100, £123. For comparison, in the UK the figure is c. £104.
  
  That rate does not reflect any actual loosening of the austerity plan of course, it is merely reflect a concern at the instability the Greeks voted for. Any loosening that follows means will dice with a full scale economic meltdown for Greece way worse that what we have so far seen.
  
  As for France....
  They have already had a warning that their credit rating will be downgraded so any attempt to increase spending there will see a loss of confidence that will lead to significantly higher interest rates.
  
  Yes Howard- it does seem that the young are bearing the brunt of it and that is why they need to make a more determined attack on deficits to boost businesses prospects and therefore growth. Deficit reduction is needed for any growth strategy.

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