The Austeres

Hey look everybody how well this has worked:

An influential group of international banks and insurers has attacked political leaders in Europe over their handling of the Greek crisis, arguing that the singleminded pursuit of austerity has made the situation worse.

The Institute of International Finance, which last year brokered a deal between Greece and international bond investors to halve Greece's private debts, said politicians were playing a dangerous game by putting their desire for debt reduction ahead of co-ordinated efforts to spur growth.

 But there is only one possible solution for the negative affects of austerity and that is more austerity:

German Chancellor Angela Merkel told Greece on Tuesday that the "tough path" of painful spending cuts will pay off, as tens of thousands protested in a show of anger against her visit to the eurozone's most indebted nation.

Greece's pain sure is paying off for Germany.

[cross-posted at Firedoglake]