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Austerity, Governments, And Clowns

|Includes: EUO, EWI, EWQ, FXE, Global X MSCI Greece ETF (GREK)

Austerity has never been a hit with the citizens it affects, lowering government aid, cutting vital government programs and, many times, increasing taxes on the general populace. This has led to massive protests, shutdowns, strikes, secessionist sentiment, and general civilian unrest.

Now it seems as if the Eurozone governments enforcing austerity themselves are actively pushing back against the troika's aid-for-austerity. Although governments have usually muttered their grievances under hushed breathes and followed in lockstep with the troika's demands for further austerity, now some governments are publicly declaring that they're fed up with the aid-for-austerity approach. As they should be, since it has not worked.

Amidst a 16-year record for unemployment, France's finance minister says his government won't enact any more austerity measures this year, declaring that "We refuse to add austerity to the recession."

Greece's government has also taken a hard-line stance on further job cuts to the public sector, which is bold since Greece is much more dependent on the troika's aid than France. Greece's finance minister, Yannis Stournaras, flatly stated that "The public sector has shrunk by 75,000 people in the last one and a half years. There will be no layoffs."

In other European sovereign debt crisis news, circus clowns are offended by comparisons to Italian political leaders Silvio Berlusconi and Beppe Grillo (no, this is not an Onion story).