Europe, like America, is run by politicians with a 2-4 year election cycle "accountability" making long term multi-generational fiscal obligations (i.e., here i

Europe, like America, is run by politicians with a 2-4 year election cycle "accountability" making long term multi-generational fiscal obligations (i.e., here is a tiny raise now, but we'll promise to give you free healthcare benefits 20 years from now) Europe will play the "austerity" game for a bit (cut this & that, raise taxes, etc), but it will only kill economic growth and make the problem worse. Inevitably, the "social contract" will be broken. Current working age generations are not willing to live with both "ruinious taxation" AND government "austerity" -- just to maintain the status quo of retiree benefits and government largess. Old people might vote....but young people fill streets and use firebombs