Why austerity in Europe will continue

Editor's note (5/13/13): this member post is now outside the paywall to agree with this post by Roger Altman at the FT indicating that markets and not politicians are forcing the euro zone to either backstop sovereigns or face default. In the absence of the ECB going all in - which they cannot do by law, austerity is assured.
I have been sidetracked recently, but I am still in the process of finishing my European overview that I began two weeks ago. One important event which has occurred since...

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